An Act to authorize the Secretary of Commerce to accept gifts and bequests for the purposes of the Department of Commerce, and for other purposes
PL 88-611 (S.2049), enacted 10/02/1964

78 STAT. ] 
PUBLIC LAW 88-611-OCT. 2, 1964 
991 
merit of Commerce or under contract by one or more recognized 
professional experts in the fields of historical observances and indus-
trial showmanship; and the findings derived from such study, together 
with such recommendations as the Secretary may deem appropriate 
(including detailed recommendations with respect to the manner and 
extent of IJnited States participation in the celebration and the esti-
mated itemized cost of such participation), shall be submitted to the 
Congress not later than March 15, 1965. 
SEC. 3. There is authorized to be appropriated the sum of $15,000 to 
carry out this Act. 
Approved September 24, 1964. 
Report to 
Congress. 
Appropriation. 
Public Law 88-611 
AN ACT 
To authorize the Secretary of Commerce to accept gifts and bequests for the 
purposes of the Department of Commerce, and for other purposes. 
October 2, 1964 
[S. 2049] 
Be it enacted hy the Senate and House of Representatives 
of the 
United States of America in Congress assembled^ That the Secretary of 
Commerce is hereby authorized to accept, hold, administer, and utilize 
gifts and bequests of property, both real and personal, for the pur-
pose of aiding or facilitating the work of the Department of Commerce. 
Gifts and bequests of money and the proceeds from sales of other prop-
erty received as gifts or bequests shall be deposited in the Treasury m 
a separate fund and shall be disbursed upon order of the Secretary of 
Commerce. 
Property accepted pursuant to this provision, and the 
proceeds thereof, shall be used as nearly as possible in accordance with 
the terms of the gift or bequest. 
SEC. 2. For the purpose of Federal income, estate, and gift taxes, 
property accepted under section 1 shall be considered as a gift or 
bequest to or for the use of the United States. 
SEC. 3. Upon the request of the Secretary of Commerce, the Secre-
tary of the Treasury may invest and reinvest in securities of the United funds^ 
States or in securities guaranteed as to principal and interest by the 
United States any moneys contained in the fund authorized herein. 
Income accruing from such securities, and from any other property 
accepted pursuant to section 1, shall be deposited to the credit of the 
fund authorized herein, and shall be disbursed upon order of the 
Secretary of Commerce. 
SEC. 4. (a) The following provisions of law are repealed: 
(1) Section 11 of the Act entitled "An Act to establish the National 
Bureau of Standards" approved March 3,1901, as amended (15 U.S.C. 
278a); 
(2) Section 7 of the Act entitled "An Act to define the functions and 
duties of the Coast and Geodetic Survey, and for other purposes"', 
approved August 6,1947 (33 U.S.C. 883g) j 
(3) Subsection (g) of section 216 of the Merchant Marine Act, 1936 
(46 U.S.C. 1126(g)). 
(b) All gifts and bequests received under the provisions of law 
repealed by subsection (a) of this section and all lunds held on the 
date of enactment of this Act in the United StatevS Merchant Marine 
Academy general gift fund, established by subsection (g) of section 
216 of the Merchant Marine Act, 1936, shall be transferred to the fund 
authorized by this Act and shall be administered in accordance with 
the provisions of this Act. 
Approved October 2, 1964. 
Commerce Dept. 
Gift acceptance. 
Tax status. 
Investment and 
reinvestment of 
Repeals, 
70 Stat. 959. 
61 Stat. 788. 
75 Stat. 480. 
Transfer of 
funds.