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Notes

20 U.S.C. §§ 54–57

4 sections in range

§54. Appropriation of interest

20 U.S.C. § 54

So much of the property of James Smithson as has been received in money, and paid into the Treasury of the United States, being the sum of $541,379.63, shall be lent to the United States Treasury and invested in public debt securities with maturities requested by the Smithsonian Institution bearing interest at rates determined by the Secretary of the Treasury, based upon current market yields on outstanding marketable obligations of the United States of comparable maturities, and this interest is hereby appropriated for the perpetual maintenance and support of the Smithsonian Institution; and all expenditures and appropriations to be made, from time to time, to the purposes of the Institution shall be exclusively from the accruing interest, and not from the principal of the fund. All the moneys and stocks which have been, or may hereafter be, received into the Treasury of the United States, on account of the fund bequeathed by James Smithson, are hereby pledged to refund to the Treasury of the United States the sums hereby appropriated.
Notes, amendments, and revision history

(R.S. § 5590; Pub. L. 97–199, § 1, June 22, 1982, 96 Stat. 121.)

Editorial Notes

Codification

R.S. § 5590 derived from acts Aug. 10, 1846, ch. 178, § 2, 9 Stat. 102; Feb. 5, 1867, ch. 34, § 2, 14 Stat. 391.

Amendments

1982—Pub. L. 97–199 substituted “and invested in public debt securities with maturities requested by the Smithsonian Institution bearing interest at rates determined by the Secretary of the Treasury, based upon current market yields on outstanding marketable obligations of the United States of comparable maturities, and this interest is hereby” for “, at 6 per centum per annum interest; and 6 per centum interest on the trust-fund and residuary legacy received into the United States Treasury, payable in half-yearly payments, on the first of January and July in each year, is”, substituted “purposes of the Institution” for “purposes of the institution”, and substituted “are hereby pledged” for “are pledged”.

Statutory Notes and Related Subsidiaries

Effective Date of 1982 Amendment

Pub. L. 97–199, § 2, June 22, 1982, 96 Stat. 121, provided that: “The amendment made by the first section [amending this section] shall apply with respect to fiscal years beginning after September 30, 1982.”

§55. Acceptance of other sums

20 U.S.C. § 55

The Secretary of the Treasury is authorized and directed to receive into the Treasury, on the same terms as the original bequest of James Smithson, such sums as the Regents may, from time to time, see fit to deposit, not exceeding, with the original bequest, the sum of $1,000,000. This shall not operate as a limitation on the power of the Smithsonian Institution to receive money or other property by gift, bequest, or devise, and to hold and dispose of the same in promotion of the purposes thereof.
Notes, amendments, and revision history

(R.S. § 5591; Mar. 12, 1894, ch. 36, 28 Stat. 41.)

Editorial Notes

Codification

R.S. § 5591 derived from act Feb. 5, 1867, ch. 34, § 1, 14 Stat. 391.

Amendments

1894—Act Mar. 12, 1894, made limitation on deposits into the Treasury inapplicable to receipt of gifts, bequests and devises and dispositions of money or other property.

§56. Disposal of unappropriated money

20 U.S.C. § 56

The Regents are authorized to make such disposal of any other moneys which have accrued, or shall hereafter accrue, as interest upon the Smithsonian fund, not herein appropriated, or not required for the purposes herein provided, as they shall deem best suited for the promotion of the purpose of the testator.
Notes, amendments, and revision history

(R.S. § 5592.)

Editorial Notes

Codification

R.S. § 5592 derived from act Aug. 10, 1846, ch. 178, § 9, 9 Stat. 105.

§57. Disbursements

20 U.S.C. § 57

Whenever money is required for the payment of the debts or performance of the contracts of the institution, incurred or entered into in conformity with the provisions of sections 41 to 46, 48, 50, 51 to 53, 54 to 57, and 67 of this title, or for making the purchases and executing the objects authorized by said sections, the Board of Regents, or the executive committee thereof, may certify to the chancellor and secretary of the board that such sum of money is required, whereupon they shall examine the same, and, if they shall approve thereof, shall certify the same to the proper officer of the Treasury for payment. The board shall submit to Congress, at each session thereof, a report of the operations, expenditures, and condition of the institution.
Notes, amendments, and revision history

(R.S. § 5593.)

Editorial Notes

Codification

R.S. § 5593 derived from act Aug. 10, 1846, ch. 178, § 3, 9 Stat. 103.

Statutory Notes and Related Subsidiaries

Termination of Reporting Requirements

For termination, effective May 15, 2000, of provisions in this section relating to submitting a report to Congress at each session of Congress, see section 3003 of Pub. L. 104–66, as amended, set out as a note under section 1113 of Title 31, Money and Finance, and page 192 of House Document No. 103–7.