Page:United States Statutes at Large Volume 107 Part 2.djvu/180

 107 STAT. 1132 PUBLIC LAW 103-116—OCT. 27, 1993 Members ^eligible to vote, and the assets in such Trust Fund shall be transferred to the remaining Trust Funds: except, that (A) no assets shall be transferrea from any of the Trust Funds into the Catawba Per Capita Payment Trust Fund, and (B) the mandatory share of State, local and private funds invested in the original corpus of the Catawba Education Trust Fund may not be transferrkl or used for any non-educational purposes. (3) The dissolution of any Trust Fund shall require the approval of the Secretary pursuant to the Secretarial approval provisions set forth in suDsection (b)(5)(D) of tMs section. (k) TRUST FUND ACCOUNTING.—(1) The Secretary shall account to the Tribe periodically, and at least annually, for all Catawba Trust Funds being managed and administered by the Secretary. The accounting shall— (A) identify the assets in which the Trust Funds have been invested during the relevant period; (B) report income earned diuing the period, distinguishing current income and capital gains; (C) indicate dates and amounts of distributions to the Tribe, separately distinguishing current income, accumulated income, and distributions of principal; and (D) identify any invasions or repayments of principal during the relevant period and record provisions the Tribe has made for repayment or restoration of principal. (2)(A) Ally outside investment management firm engaged by the Tribe shall account to-the Tribe and separately to the Secretary at periodic intervals, at least quarterly. Its accounting shall— (i) identify the assets in which the Trust Funds have been invested during the relevant period; (ii) report income earned during the period, separating current income and capital gains; (iii) indicate dates and amounts of distributions to the Tribe, distinguishing current income, accumulated income, and distributions of principal; and (iv) identify any mvasions or repayments of principal during the relevant period and record provisions uie Tribe has made for repayment or restoration of principal. (B) Prior to distributing principal from any Trust Fund, the investment management firm shall notify the Secretary of the proposed distribution and the Tribe's proposed use of such funds, following procedures to be agreed upon by the investment management firm, the Secretary, and the Tribe. The Secretary shall have 15 day^ within which to object in writing to any such invasion of principal. Failure to object will be deemed approval of the distribution. (C) All Trust Funds held and managed by any investment management firm shall be audited annually by a certified public accounting firm approved by the Secretary, and a copy of the annual audit shall be submitted to the Tribe and to the Secretary within four months following the close of the Trust Funds' fiscal year. (1) REPLACEMENT OF INVESTMENT MANAGEMENT FIRM AND MODIFICATION OF INVESTMENT MANAGEMENT PLAN.— The Tribe shall not replace the investment management firm approved by the Secretary without prior written notification to the Secretary and approved by the Secretary of any investment management

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