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United States · Law · S

S. 1415 (102nd)

A bill to provide for additional membership on the Library of Congress Trust Fund Board, and for other purposes.

enactedUnited States· United States Congress· EN

Introduced

27 June 1991

Last action

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Status

Became Public Law No: 102-246.

Sponsors

—

Subjects

Discovery layer

Source updated

14 January 2025

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Summary

Amends Federal law to: (1) add four persons appointed by the Speaker of the House of Representatives for a five-year term each and four persons appointed by the Senate Majority Leader for a five-year term each, to the Library of Congress Trust Fund Board; and (2) increase from three to nine the quorum required for the Board to transact business. Authorizes the Librarian of Congress to take temporary possession, pending approval, of a gift of money or securities to the Library if conditions attached by the donor require expedited action. Prohibits a gift of securities from being invested or reinvested. Requires any investment or reinvestment of a gift of money to be made in an interest-bearing obligation of or guaranteed by the United States. Requires the return of the gift principal to the donor if the gift is not approved, and makes any income earned during the approval period available for use by the Library.

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Documents

7 official files

Reported to Senate (text)

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