§7222. Naval Historical Center Fund

(a) The Secretary of the Navy may accept, hold, and administer gifts and bequests of personal property, and loans of personal property other than money, for the benefit of the Naval Historical Center, its collection, or its services. Gifts or bequests of money shall be deposited in the Treasury in a trust fund called "Naval Historical Center Fund."

(b) For the purpose of Federal income, estate, and gift taxes, property that is accepted under this section is considered as a gift or bequest to or for the use of the United States.

(c) Upon the request of the Secretary of the Navy, the Secretary of the Treasury may invest or reinvest all or any part of the funds deposited under this section in securities of the United States or in securities guaranteed by the United States. The interest accruing from these securities shall be deposited to the credit of the Naval Historical Center Fund.

(Aug. 10, 1956, ch. 1041, 70A Stat. 446 ; Pub. L. 104–201, div. A, title X, §1073(b)(1), (2)(A), Sept. 23, 1996, 110 Stat. 2657 .)

In subsection (a) the word "receive" and the words "from individuals or others" and "of the United States" are omitted as surplusage. The title of the "Office of Naval Records and Library, Navy Department" is changed to "Office of Naval Records and History", in accordance with a directive of the Secretary of the Navy dated March 10, 1949.

Subsection (b) is rewritten for clarity and to conform to a similar statement appearing in 5 U.S.C. 150s.

Amendments

1996-Pub. L. 104–201, §1073(b)(2)(A), substituted "Naval Historical Center Fund" for "Office of Naval Records and History gift fund" in section catchline.

Subsecs. (a), (c). Pub. L. 104–201, §1073(b)(1), substituted "Naval Historical Center" for "Office of Naval Records and History" wherever appearing.

Cross References

Acceptance of gifts and services, see section 2601 et seq. of this title.

Section Referred to in Other Sections

This section is referred to in title 26 section 2055.