Page:United States Statutes at Large Volume 59 Part 1.djvu/335

 59 STAT.] 79TH CONG., 18T SESS. -CH. 228-JULY 2, 1945 States and by officers of the United States Army at Sandhurst Royal Military College and elsewhere in the United Kingdom or, should such exchange lectures prove or become impracticable or unnecessary for any reason, by such other application of the funds as the board, with the approval of the Secretary of War, may determine. The original corpus of the fund and the income therefrom may be dis- bursed at the discretion of the board in furtherance of the stated purpose, and shall be subject to investment and reinvestment as provided in section 3 hereof. SEc. 3. The board is also authorized to accept, receive, hold, and administer gifts, bequests and devises of money, securities, or other property, whether real or personal, from any source, for the benefit of the Kermit Roosevelt fund, but no such gift, bequest, or devise which entails any expenditure not to be met out of the gift, bequest, devise, or the income thereof shall be accepted without the consent of Congress. Such additional sums or property shall be receipted for by the Chief of Finance and may, at the discretion of the board and unless otherwise restricted by the terms of the gift, bequest, or devise, be administered and disbursed in the same manner as the original corpus of the fund and the income therefrom. The board may in its discretion sell or exchange securities or other property given, bequeathed, or devised to or for the benefit of the Kermit Roosevelt fund, and may invest and reinvest the proceeds thereof, together with any other moneys in the fund, in such investments as it may determine from time to time: Provided, however, That the board is not authorized to engage in any business, nor shall it make any investments for the account of the fund which could not law- fully be made by a trust company in the District of Columbia, except that it may make any investment directly authorized by the instrument of gift, bequest, or devise under which the funds to be invested are derived, and may retain any investments accepted by it. SEC. 4. The income from any property held or administered by the board, as and when collected, shall be deposited in the Treasury of the United States to the credit of the trust fund established pur- suant to section 2 hereof, and it shall be and remain subject to invest- ment, reinvestment, and disbursement by the board for the uses and purposes set forth herein. SEC. 5. The board shall have all the usual powers of a trustee in respect to all property administered by it, but the members of the board shall not be personally liable, except for misfeasance, on account of any acts performed in their trust capacity. The mem- bers of the board shall not be required to furnish bond, and no addi- tional compensation shall accrue to any of them on account of their duties as trustees. Within the limits prescribed by sections 2, 3. and 4 hereof, the administration, control, and expenditure of this fund and its application to the purposes intended shall be according to the sole discretion of the board, and the exercise of its discretion and authority in regard thereto and its decisions thereon, including any payments made or authorized by it to be made from the Kermit Roosevelt fund, shall not be subject to review except by the Secre- tary of War, to whom the board shall, on the 1st day of January, each year, render a full report of its activities during the preceding twelve months. The actions of the board shall not be subject to judicial review except in an action brought in the United States District Court for the District of Columbia, which is hereby given jurisdiction of such suits, for the purpose of enforcing the pro- visions of any trust accepted by the board. Approved July 2, 1945. 317 Disbursements, in- vestments. Other gifts, etc. Administration and disbursement. Disposition of prop- erty. Restriction on use of funds. Deposit of income. Powers of board. Annual report. Jurisdiction of suits.

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