Page:United States Statutes at Large Volume 49 Part 1.djvu/522

 74 TH CONGRESS. SESS. I. CHS. 374,3 75. JULY 8, 10, 1935 . under any grade at a rate higher than the maximum r ate of th e grad e when such highe r rate is permitt ed by the Classif ication Act of 1923, as amended, and is specifically authorized by other law, or (5) to reduce the compensation of any person in a grade in which only one position is allocated. SEC. 4 . The appropriations and authority with respect to appro- priations contained herein shall be available from and including July 1, 1935, for the purposes respectively provided in such appro- priations and authority. All obligations incurred during the period between June 30, 1935, and the date of the enactment of this Act in anticipation of such appropriations and authority are hereby ratified and confirmed if in accordance with the terms thereof. SEC. 5. This Act may be c ited as the "Legi slat ive Branc h Ap pro- priation Act, 1936 ". Approved, J uly 8, 1935. [C HAPTER 375 .] AN ACT To create a National Park Trust Fu nd Board, and for other purposes. July 10, 1935.	[S . 2074 .1 [Public, No.201.1 Be it enac ted by the Sen ate and Ho use of Repr esen tat ives of the United States of America in Congress assembled, That a board is hereby created and established, to be known as the National Park Trust Fund Board (hereinafter referred to as the Board), which shall consist of the Secretary of the Treasury, the Secretary of the Interior, the Director of the National Park Service, and two persons appointed by the President for a term of five years each (the first appointments being for three and five years, respectively). Three memb ers of the Board shall constitute a quorum for the transaction of business, and the Board shall have an official seal, which shall be ju dicia lly n oticed. The Board may adopt rules and regulations in regard to its procedure and the conduct of its business. No compensation shall be paid to the members of the Board for their services as such members, but they shall be reimbursed for the expenses necessarily incurred by them, out of the income from the fund or funds in conn ection with which such expenses ar e incurred. SEC.2. The Boa rd is her eby autho rize d to acc ept, rece ive, hold , Acceptance, and administer such gifts or bequests of personal property for the gift" benefit of, or in connection with, the National Park Service, its activities, or its service, as may be approved by the Board, but no such gift or bequest which entails any expenditure not to be met out of the gift, bequest or the income thereof shall be accepted without the consent of Congress . The moneys or s ecurities compos ing the trust fun ds given or be- fu Investment of trust queathed to the Board shall be receipted for by the Secretary of the Treasury, who sha ll invest, reinve st, or retain inv estments as the Board may from time to time determine . The income, as and when collected, shall be covered into the Treasury of the United States in aa trust fund account to be known as the "National Park Trust Fu n d " s ubject to disburs ement by the Divi sion of Disburse- ment, Treasury Department, for the purposes in each case specified Provided, however, That the Board is not authorized to engage in any business, nor shall the Secretary of the Treasury make any in vest ment for acco unt of t he B oard that may not lawf ully be made by a trust company in the District of Columbia, except that the Secre tary may m ake any i nvestments directly authorize d by the instrume nt of gift, and m ay retain any inv estments accepted by the Board . National Park Trust Fund Board, created . Membership, terms of oftice,0 .uorum, etc . Seal . Pr oce du ral rules and regulatio ns . Compensation ; ex- penses of members . etc., of 477 Higher salary rates al lowed. If only one position in a grade. Availability of ap- p ropriation s since J une 30, 1935. Short title. Ac co unt designated as "Natio nal Park Trust Fund ." Proviso . Restriction vestments . on in-