Source: https://www.law.cornell.edu/uscode/text/20/4357?qt-us_code_tabs=0
Timestamp: 2016-02-12 00:56:03
Document Index: 283065876

Matched Legal Cases: ['§ 4357', '§\u202f207', '§\u202f137', '§\u202f204', '§\u202f919', '§\u202f909', '§\u202f207', '§\u202f407', '§\u202f207', '§\u202f101', '§\u202f137', '§\u202f919', '§\u202f919', '§\u202f919', '§\u202f919', '§\u202f919', '§\u202f919', '§\u202f204', '§\u202f204', '§\u202f204']

20 U.S. Code § 4357 - Federal endowment programs for Gallaudet University and the National Technical Institute for the Deaf | US Law | LII / Legal Information Institute
Federal endowment programs for Gallaudet University and the National Technical Institute for the Deaf
Except as provided in subsection (e) of this section, the University and NTID, respectively, shall invest the Federal contribution of its Federal endowment fund corpus and income in instruments and securities offered through one or more cooperative service organizations of operating educational organizations under section 501(f) of title 26, or in low-risk instruments and securities in which a regulated insurance company may invest under the laws of the State in which the institution involved is located.
Neither the University nor NTID may invest its Federal endowment fund corpus or income in real estate, or in instruments or securities issued by an organization in which an executive officer, a member of the Board of Trustees of the University or of the host institution, or a member of the advisory group established under section 4332 of this title is a controlling shareholder, director, or owner within the meaning of Federal securities laws and other applicable laws. Neither the University nor NTID may assign, hypothocate,[1] encumber, or create a lien on the Federal endowment fund corpus without specific written authorization of the Secretary.
(B) The Secretary may permit the University or NTID to withdraw or expend a portion of its Federal endowment fund corpus or more than 50 percent of the income generated from its Federal endowment fund from the prior fiscal year if the institution involved demonstrates, to the Secretary’s satisfaction, that such withdrawal or expenditure is necessary because of—
The corpus associated with a Federal payment (and its non-Federal match) made to the Federal endowment fund of the University or NTID shall not be subject to the investment limitations of subsection (c)(1) of this section after 10 fiscal years following the fiscal year in which the funds are matched, and the income generated from such corpus after the tenth fiscal year described in this subsection shall not be subject to such investment limitations or to the withdrawal and expenditure limitations of subsection (d)(3) of this section.
(f) Recovery of paymentsAfter notice and an opportunity for a hearing, the Secretary is authorized to recover any Federal payments under this section if the University or NTID—
(g) DefinitionsAs used in this section:
(Pub. L. 99–371, title II, § 207, as added Pub. L. 102–421, title I, § 137(2), Oct. 16, 1992, 106 Stat. 2159; amended Pub. L. 103–73, title II, § 204(f), Aug. 11, 1993, 107 Stat. 735; Pub. L. 105–244, title IX, § 919, Oct. 7, 1998, 112 Stat. 1831; Pub. L. 110–315, title IX, § 909, Aug. 14, 2008, 122 Stat. 3453.)
[1]  So in original. Probably should be “hypothecate,”
A prior section 4357, Pub. L. 99–371, title II, § 207, formerly title IV, § 407, Aug. 4, 1986, 100 Stat. 791; renumbered title II, § 207, Pub. L. 102–421, title I, § 101(b)(5), (6), Oct. 16, 1992, 106 Stat. 2151, provided for Gallaudet University Federal endowment program, prior to repeal effective Oct. 1, 1992, by Pub. L. 102–421, title I, §§ 137(1), 161, Oct. 16, 1992, 106 Stat. 2159, 2164.
2008—Subsec. (h)(1), (2). Pub. L. 110–315 substituted “fiscal years 2009 through 2014” for “fiscal years 1998 through 2003”.
1998—Subsec. (b)(2). Pub. L. 105–244, § 919(1)(A), amended par. (2) generally. Prior to amendment, par. (2) read as follows: “Subject to the availability of appropriations and the non-Federal matching requirements of paragraph (3), the Secretary shall make payments to each Federal endowment fund in amounts equal to sums contributed to the fund from non-Federal sources (excluding transfers from other endowment funds of the institution involved).”
Subsec. (b)(3). Pub. L. 105–244, § 919(1)(B), struck out par. (3) which read as follows: “Effective for fiscal year 1993 and each succeeding fiscal year, for any fiscal year in which the sums contributed to the Federal endowment fund of the institution involved from non-Federal sources exceed $1,000,000, the non-Federal contribution to the Federal endowment fund shall be $2 for each Federal dollar provided in excess of $1,000,000 (excluding transfers from other endowment funds of the institution involved).”
Subsec. (c)(1). Pub. L. 105–244, § 919(2), inserted “the Federal contribution of” after “shall invest”.
Subsec. (d)(2)(C). Pub. L. 105–244, § 919(3)(A), substituted “The University” for “Beginning on October 1, 1992, the University”.
Subsec. (d)(3)(A). Pub. L. 105–244, § 919(3)(B), substituted “current” for “prior”.
Subsec. (h)(1), (2). Pub. L. 105–244, § 919(4), substituted “1998 through 2003” for “1993 through 1997”.
1993—Subsec. (c)(3). Pub. L. 103–73, § 204(f)(1), substituted “advisory group established under section 4332 of this title” for “Advisory Board of NTID”.
Subsec. (e). Pub. L. 103–73, § 204(f)(2), substituted “such investment limitations or” for “such investment limitations and”.
Subsec. (i). Pub. L. 103–73, § 204(f)(3), substituted “this chapter as enacted on August 4, 1986” for “the provisions of the Education of the Deaf Act of 1986”.