Page:United States Statutes at Large Volume 118.djvu/1837

 118 STAT. 1807 PUBLIC LAW 108–374—OCT. 27, 2004 ‘‘(A) develop a pilot project for the creation of legal entities such as private or family trusts, partnerships cor porations, or other organizations to improve, facilitate, and assist in the efficient management of interests in trust or restricted lands or funds owned by Indian family mem bers and relatives; and ‘‘(B) develop proposed rules, regulations, and guidelines to implement the pilot project, including— ‘‘(i) the criteria for establishing such legal entities; ‘‘(ii) reporting and other requirements that the Secretary determines to be appropriate for admin istering such entities; and ‘‘(iii) provisions for suspending or revoking the authority of an entity to engage in activities relating to the management of trust or restricted assets under the pilot project in order to protect the interests of the beneficial owners of such assets. ‘‘(2) PRIMARY PURPOSES; LIMITATION; APPROVAL OF TRANS ACTIONS; PAYMENTS BY SECRETARY.— ‘‘(A) PURPOSES.—The primary purpose of any entity organized under the pilot project shall be to improve, facili tate, and assist in the management of interests in trust or restricted land, held by 1 or more persons, in furtherance of the purposes of this Act. ‘‘(B) LIMITATION.—The organization or activities of any entity under the pilot project shall not be construed to impair, impede, replace, abrogate, or modify in any respect the trust duties or responsibilities of the Secretary, nor shall anything in this subsection or in any rules, regula tions, or guidelines developed under this subsection enable any private or family trustee of trust or restricted interests in land to exercise any powers over such interests greater than that held by the Secretary with respect to such interests. ‘‘(C) SECRETARIAL APPROVAL OF TRANSACTIONS.—Any transaction involving the lease, use, mortgage or other disposition of trust or restricted land or other trust assets administered by or through an entity under the pilot project shall be subject to approval by the Secretary in accordance with applicable Federal law. ‘‘(D) PAYMENTS.—The Secretary shall have the authority to make payments of income and revenues derived from trust or restricted land or other trust assets administered by or through an entity participating in the pilot project directly to the entity, in accordance with requirements of the regulations adopted pursuant to this subsection. ‘‘(3) LIMITATIONS ON PILOT PROJECT.— ‘‘(A) NUMBER OF ORGANIZATIONS.—The number of enti ties established under the pilot project authorized by this subsection shall not exceed 30. ‘‘(B) REGULATIONS REQUIRED.—No entity shall com mence activities under the pilot project authorized by this subsection until the Secretary has adopted final rules and regulations under paragraph (1)(B).

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