Page:United States Statutes at Large Volume 47 Part 1.djvu/802

 778 72d CON GRESS. SESS. II. CH. 23. JANUARY 27, 1933 . Trust a reements, trust : Provided further, That all trust agreements or contracts made approval of or entered into prior to the date of approval of this Act, and all contracts or agreements made or entered into prior to said date pro- viding for or looking to the creation of such trust or. trusts shall be null an d void unles s such contr acts o r agree ments shall have h ere- tofore been approved by the Secretary of the Interior. Transfers to trustee , SEC. 3 . The Secretary of the I nterior b e, and he is hereb y, author - authorized. ized, upon the execution and approval of any trust agreement or contract as herein provided, to tran sfer, or cause to be transf erred, to the tr ustee, fr om the in dividual restricte d or trus t funds o r other restricted property of the respective Indian, the funds or property required by the terms of the approved agreement, and the funds or property so transferred shall in each case be held by the trustee segregation of assets. subject t o the ter ms and co nditions of the tr ust agree ment or c ontract creating the trust, separat e and apa rt from a ll assets , investm ents or trust estates in the hands of said trustee. Rsleaseoftrustagree- SEC. 4. None of the restrictions upon the funds or property trans- ment rest rict ions de- nied. ferred under the terms of any such trust agreement or contract shall be in any manner released during the continuance of the restriction period now or herea fter p rovide d by l aw, exc ept as provi ded by the terms of such agreement or contract, and neither the corpus of said and income . of corpus trust nor the income derived therefrom shall, during the restriction period provided by law, be subject to alienation or encumbrance, nor to the satisfaction of any debt or other liability of any bene- Annu ai accou ntin g ficiary of such trust during the said restriction period. The trustee required. shall render an annual accounting to the Secretary of the Interior and to the beneficiary or beneficiaries to whom the income for the preceding year, or any part thereof, was due and payable. proved Irrevoca bility ap SEC. 5. Trust agreements or contracts executed and approved as herein provided shall be irrevocable except with the consent and Provko Reveso , of funds i1 approval of the Secretary of the Interior : Provided, That if any trust agreement an- trust, trust agreement, or contract be annulled, canceled, or set aside mulled, by order of any court, or otherwise, the principal or corpus of the trust es tate, wit h all acc rued and unpaid i nterest, shall be returned to the Secretary of the Interior as restricted individual Indian . Illegally procured prope rty. 6 . If, after the creation and approval of any trust, it is found ~CCancellationproceed- that said tri ;st *as procured in violation of any of the provisions of this Act, orsthat the trustee designated therein has failed or refused to prop erly p erform the d uties impose d there by, in accor dance with the ter ms, pr ovisio ns and requi rement s of sa id tru st agr eement, it shall b e the duty o f the Attorn ey Gen eral to insti tute a ppropr iate proceedings in the Federal courts for the cancellation and annul- ment of said trust by court decree, and upon decree of annulment and cancellation, which shall be at the cost of the trustee, and after accounting, - but without the allowance of any fee, charge, or com- ~dsturn of trust mission for any services rendered by the trustee, all funds held by the trustee shall be paid to the Secretary of the Interior as restricted epTrrttssdiction, etc ., of funds, and the °Federal courts are hereby given exclusive jurisdiction of all actions involving an accounting under any trust created under the provisions of this Act, and all actions to cancel, annul, or set aside any trust en tered int o pursuan t to this Act. A Administration of SEC. 7. The Secretary of the Interior is hereby authorized to pre- scribe such rules and - regulations as he may deem necessary for the valuation of trust, proper administration_ of this Act. He shall fix and determine the bond, etc. value of each trust, revising such valuation from time to time as he