Page:United States Statutes at Large Volume 74.djvu/907

 74 S T A T. ]

PUBLIC LAW 8 6 - 7 3 3 - S E P T. 8, 1960

867

Public Law 86-733 ^ ^ ACT

September 8, 1960

To amend the Menominee Termination Act.

[H. R. 11813]

Be it enacted by the Senate and House of Representatives of the Menominee United States of America in Congress assembled, That section 7 mination Act,Teraof the Act of June 17, 1954 (68 Stat. 250), as amended (25 U.S.C. mrrSrent.' 891), is further amended by changing the sixth and seventh sentences to read as follows: "If the Menominee Tribe and the Secretary cannot agree upon a • ^ f e'^fensFoT'if ^^ ' plan within the aforementioned six-month period, or if they agree termination date. npon a plan within such period and the tribal corporation and voting trust contemplated by the plan are not established prior to March 1, 1961, the Secretary shall transfer the tribal property to a trustee of his choice for the management or disposition for the benefit of the Menominee Tribe. The responsibility of the United States to furnish all such supervision and services to the tribe and to the members thereof, because of their status as Indians, shall cease on April 30, 1961, or on such earlier date as may be agreed upon by the tribe and the Secretary." SEC. 2. The first sentence and proviso of section 8 of said |2 st^a^. 2'd\. Act of June 17, 1954, as amended, are hereby amended to read as follows: "On or before April 30, 1961, the Secretary is authorized to trans- ert?.^^^*' °^^^°^ fer to the tribal corporation or to a trustee of the Secretary's choice, as provided in section 7 of this Act, the title to all property, real and personal, held in trust by the United States for the tribe. The Secretary is hereby directed to begin immediate negotations with a private trustee of his choice to perfect a trust agreement so that if by March 1, 1961, the tribal corporation is not functioning, the Secretary will be prepared to transfer title to such property to said trustee as soon after March 1, 1961, as possible, but in no event later than April 30, 1961." SEC. 3. Section 9 of said Act of June 17, 1954, as amended, is fur- 68 Stat. 252. ,1

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25 USC 898.

ther amended as follows: "SEC. 9. No distribution, conveyance, or transfer of title to assets condi'tions?^"""*' and no issuance or distribution of securites pursuant to the plan approved by the Secretary under the provisions of this Act shall be subject to any Federal or State transfer, issuance, or income tax: Provided, That nothing contained in this Act shall exempt the recipient of any cash distribution made hereunder from payment of income tax for the year in which the distribution is made on that portion of his share thereof which consists of interest on funds deposited in the Treasury of the United States pursuant to the Supplemental Appropriation Act, 1952 (65 Stat. 736, 754). Following any distribution, conveyance, transfer, or issuance as aforesaid, the assets and securities which are held by, and any income derived therefrom which is received by or payable to, any person, or any corporation or organization as provided in section 8 of this Act, shall be subject to the same taxes, State and Federal, as in the case of non-Indians, except that the basis of any valuation for purposes of Federal income tax on gains or losses shall be the value of the property on the date title is transferred by the United States pursuant to section 8 of this Act." SEC. 4. The Act of June 17, 1954, as amended, is further amended 2,^''^"°"°^ ^'•°" by adding at the end thereof a new section 14 as follows:

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