Page:United States Statutes at Large Volume 106 Part 1.djvu/63

 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 Representatives (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 Fund 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 USC 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 the gift, subject to approval under the first paragraph of this section. The gift shall be receipted for and invested, reinvested, or retained as provided 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.

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