A bill to provide for additional membership on the Library of Congress Trust Fund Board, and for other purposes.
PL 102-246 (S.1415), enacted 02/18/1992

PUBLIC LAW 102-246—FEB. 18, 1992 
106 STAT. 31 
Public Law 102-246 
102d Congress 
An Act 
To provide for additional membership on the Library of Congress Trust Fund 
Feb. 18, 1992 
Board, and for other purposes. 
[S. 1415] 
Be it enacted by the Senate and House of Representatives of 
the United States of 
America in Congress assembled, 
SECTION 1. ADDITIONAL MEMBERSHIP ON THE LIBRARY OF CON-
GRESS TRUST FUND BOARD. 
The first sentence of the first paragraph of the first section 
of the Act entitled "An Act to create a Library of Congress Trust 
Fund Board, and for other purposes", approved March 3, 1925 
(2 U.S.C. 154) is amended— 
(1) by striking "and" after "Librarian of Congress,"; and 
(2) by inserting after "respectively)" the following: ", four 
persons appointed by the Speaker of the House of Rep-
resentatives (in consultation with the minority leader of the 
House of Representatives) for a term of five years each (the 
first appointments being for two, three, four, and five years, 
respectively), and four persons appointed by the majority leader 
of the Senate (in consultation with the minority leader of the 
Senate) for a term of five years each (the first appointments 
being for two, three, four, and five years, respectively)". 
SEC. 2. QUORUM PROVISION. 
The second sentence of the first paragraph of the first section 
of the Act entitled "An Act to create a Library of Congress Trust 
Fund Board, and for other purposes", approved March 3, 1925 
(2 U.S.C. 154) is amended by striking "Three" and inserting "Nine". 
SEC. 3. TEMPORARY POSSESSION OF GIFTS. 
Section 2 of the Act entitled "An Act to create a Library of 
Congress Trust Fimd Board, and for other purposes", approved 
March 3, 1925 (2 U.S.C. 156, 157, and 158) is amended by adding 
at the end thereof the following new undesignated paragraph: 
"In the case of a gift of money or securities offered to the Library 2 use I58a. 
of Congress, if, because of conditions attached by the donor or 
similar considerations, expedited action is necessary, the Librarian 
of Congress may take temporary possession of tne gift, subject 
to approval under the first paragraph of this section. The gift 
shall be receipted for and invested, reinvested, or retained as pro-
vided in the second paragraph of this section, except that— 
"(1) a gift of securities may not be invested or reinvested; 
and 
"(2) any investment or reinvestment of a gift of money shall 
be made in an interest bearing obligation oi the United States 
or an obligation g^uaranteed as to principal and interest by 
the United States. 
106 STAT. 32 
PUBLIC LAW 102-246—FEB. 18, 1992 
If the gift is not so approved within the 12-month period after 
the Librarian so takes possession, the principal of the gift shall 
be returned to the donor and any income eam^ during that period 
shall be available for use with respect to the Library of Congress 
as provided by law.". 
Approved February 18, 1992. 
LEGISLATIVE HISTORY—S. 1415: 
CONGRESSIONAL RECORD: 
Vol. 137 (1991): Oct. 4, considered and passed Senate. 
Vol. 138 (1992): Feb. 4, considered and passed House.