Page:United States Statutes at Large Volume 54 Part 1.djvu/252

 Certificate of de- posit, filing. Additional deposit. Holding of general deposits. Substitution of se curities. Preoso. Characterof portion of deposit. Maintenance of value of deposit. May 22, 1940 ill. I. 81571 [Public, No. 61S1 Mount Rushmore National Memorial, S. Dak. 52 Btat. 694. Area enlarged. Proviso. Restrictions on use of funds. PUBLIC LAWS-CHS. 204, 205-MAY 20, 22, 1940 [54 STAT. "In the case of a deposit made with an official outside the District, a certificate of deposit from said official shall be filed with the super- intendent, showing the character of the deposit, before a certificate of authority to transact business in the District may be issued, and, if the securities so deposited are not of the class authorized by this Act for investments of companies, the superintendent may require an additional deposit in approved securities. "SEC. 17 . HOLDING OF GENERAL DEPOSITS BY DISTRICT AUDITOR AND SECRETARY TO BoARD OF COMMIsSIONERs.-When any company is required by this Act to make a deposit in the District, such deposit shall be in securities of the class authorized by this Act for invest- ments of companies, and shall be delivered by the company to the secretary of the Board of Commissioners of the District and the auditor of the District, who shall receive and hold the same subject to the lawful orders of the superintendent, and who shall be respon- sible for the safekeeping of all securities deposited or delivered under the authority of this section. The company shall have the right to collect the income on deposited securities so long as it continues solvent and complies with the laws of the United States and of the District, and it shall have the right to substitute for such securities other securities, provided such substituted securities are of the char- acter, amount, and value required by this section, and are approved by the superintendent: Provided, That not less than $25,000 of such deposit shall at all times consist of bonds or other evidences of indebtedness of the United States or of any State of the United States, or of any county or incorporated city of any State of the United States, and that securities of a class different from such bonds or other evidences of indebtedness shall not in any case be accepted for deposit except with the specific approval of and at values deter- mined by the superintendent. "If the value of securities deposited by any company shall decline, the superintendent may require the company to make a further deposit, in order that the amount and value of the deposit required by this Act shall at all times be maintained." Approved, May 20, 1940. [CHAPTER 205] AN ACT To amend the Mount Rushmoro Memorial Act of 1938. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That section 4 of the Mount Rushmore Memorial Act of 1938, approved June 15, 1938, is amended as follows: Strike out the words "fifteen hundred acres" and insert in lieu thereof the words "eighteen hundred acres: Provided, That while appropriations necessary to complete the Memorial as authorized by law may be made, no part of any funds appropriated to the Rush- more Memorial Commission may be used for the development of the three hundred acres herein proposed to be added to the Memorial Reserve and no part of any funds appropriated under any Act may be used to pay a royalty or percentage to the sculptor for any work other than that necessarily incident to the sculpturing project." Approved, May 22, 1940.

�