§6974. Gifts and bequests: acceptance for benefit of museum
(a) The Secretary of the Navy may accept, hold, administer, and spend gifts and bequests of personal property, and loans of personal property other than money, for the benefit of the Naval Academy Museum, its collection, or its services. Gifts or bequests of money shall be deposited in the Treasury in the fund called "United States Naval Academy Museum Fund". The Secretary may disburse funds so deposited for the purposes specified in this section.
(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, reinvest, or retain investments of the money or securities comprising any part of the United States Naval Academy Museum Fund in securities of the United States or in securities guaranteed as to principal and interest by the United States. The interest and benefits accruing from those securities shall be deposited to the credit of the United States Naval Academy Museum Fund and may be disbursed as provided in this section.
(Aug. 10, 1956, ch. 1041,
| Revised section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 6974(a) | 34 U.S.C. 1118. | Mar. 26, 1938, ch. 52, §3, |
| 6974(b) | 34 U.S.C. 1119. | Mar. 26, 1938, ch. 52, §4, |
| 6974(c) | 34 U.S.C. 1120. | Mar. 26, 1938, ch. 52, §5, |
Cross References
Acceptance of gifts and services generally, see sections 2601 and 2602 of this title.
Section Referred to in Other Sections
This section is referred to in title 26 section 2055.