Page:United States Statutes at Large Volume 69.djvu/575

 69

STAT.]

533

PUBLIC LAW 246-AUG. 5, 1955

Public Law 246

CHAPTER 572 = AN ACT

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To establish a Permanent Committee for the Oliver Wendell Holmes Devise, and for other purposes.

Augusts, 1955

[H. R. 7029]

Be it enacted by the Senate and House of Representatives of the O i United States of America in Congress assembled, That there is hereby H o llmve e r WendeU s Devise established in the Treasury of the United States a fund to be known Fund. as the "Oliver Wendell Holmes Devise F u n d " (hereinafter referred to as the fund). There is hereby appropriated to the fund out of any money in the Treasury not otherwise appropriated: (1) an amount equal to the sum credited to the account in the Treasury entitled, "Donations to the United States, Bequest of Oliver Wendell Holmes"; (2) an amount equal to interest on the amount referred to in (1) from the date of deposit in the Treasury to the end of the fiscal year prior to the date of the enactment of this Act, compounded semiannually, calculated at a rate to be determined by the Secretary of the Treasury by estimating the average yield to maturity, on the basis of daily closing market bid quotations or prices during the month preceding the deposit on all outstanding marketable obligations of the United States having a maturity date of fifteen or more years from the first day of such month; and (3) an amount, at the end of each fiscal year after the date of the enactment of this Act, equal to the interest calculated on the average daily balances in the fund during the Hscal year at a rate of 31^ per centum per annum. SEC. 2. There is hereby established the Permanent Committee for P e r m a n e n t Coirithe Oliver Wendell Holmes Devise (hereinafter referred to as the Committee), to be composed of five members, one of whom shall be the Librarian of Congress, ex officio, \vho shall act as Chairman. The other four members shall be appointed by the President from four panels of three names each, one such panel to be submitted to him by each of the following: The Association of American Law Schools, The American Philosophical Society, The American Historical Association, and The Association of American Universities. The members shall serve eight-year terms, except that the initial appointees shall have terms of eight, six, four, and two years, respectively. Every appointment to fill a vacancy occurring whether by death, resignation, or expiration of a term shall be made in the same manner as the original appointments from such four panels submitted on each such occasion. No appointee may serve more than one term. SEC. 3. The members of the Committee shall serve without compen- Compen s a t i o n sation, but may be reimbursed for expenses incurred by them in carry- and e x p e n s e s ^ ing out the duties of the Committee or in the alternative they may receive their transportation and not to exceed $20 per diem in lieu of subsistence. SEC. 4. The Committee shall devote the income and, to the extent U s e of moneys. the Committee deems it necessary and desirable, the principal of the fund to the first, and, in the discretion of the Committee, to the second and third, of the following objects: His ory (a) To employ one or more scholars of distinction (with any appro- preme tCourt.of Supriate assistants) to prepare a history of the Supreme Court of the United States, to defray the appropriate expenses of such scholars and assistants, and to finance the publication of such history. The Committee may select a single scholar to carry the work to completion, or a number or succession of scholars to complete it; may make any necessary employment contracts with such scholars and assistants of such terms and length as it determines; and shall have general supervision of the preparation of the history of the Supreme Court, including discretion to adopt from time to time such arrangements as

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