Page:United States Statutes at Large Volume 79.djvu/348

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PUBLIC LAW 89-97-JULY 30, 1965

[79 STAT.

" (h) I n the case of an individual who participates in the insurance program established hj this part, premiums shall be payable for the period commencing with the first month of his coverage period and ending with the month in which he dies or, if earlier, in which his coverage under such program terminates. "rEDERAL SUPPLEMENTARY MEDICAL INSURANCE TRUST FUND

Board of Trustees.

Reports to Congress,

Investment of Fund monies.

40 Stat. 288. 31 USC 774.

"SEC. 1841. (a) There is hereby created on the books of the Treasury of the United States a trust fund to be known as the 'Federal Supplementary Medical Insurance Trust F u n d ' (hereinafter in this section referred to as the 'Trust F u n d '). The Trust F u n d shall consist of such amounts as may be deposited in, or appropriated to, such fund as provided in this part. " (b) With respect to the Trust Fund, there is hereby created a body to be known as the Board of Trustees of the Trust F u n d (hereinafter in this section referred to as the 'Board of Trustees') composed of the Secretary of the Treasury the Secretary of Labor, and the Secretary of Health, Education, ana Welfare, all ex officio. The Secretary of the Treasury shall be the Managing Trustee of the Board of Trustees (hereinafter in this section referred to as the 'Managing Trustee'). The Commissioner of Social Security shall serve as the Secretary of the Board of Trustees. The Board of Trustees shall meet not less frequently than once each calendar year. I t shall be the duty of the Board of Trustees to— " (1) Hold the Trust F u n d; "(2) Report to the Congress not later than the first day of March of each year on the operation and status of the Trust Fund during the preceding fiscal year and on its expected operation and status during the current fiscal year and the next 2 fiscal years; "(3) Report immediately to the Congress whenever the Board is of the opinion that the amount of the Trust Fund is unduly small; and "(4) Review the general policies followed in managing the Trust Fund, and recommend changes in such policies, including necessary changes in the provisions of law which govern the way in which the Trust F u n d is to be managed. The report provided for in paragraph (2) shall include a statement of the assets of, and the disbursements made from, the Trust Fund during the preceding fiscal year, an estimate of the expected income to, and disbursements to be made from, the Trust Fund during the current fiscal year and each of the next 2 fiscal years, and a statement of the actuarial status of the Trust Fund. Such report shall be printed as a House document of the session of the Congress to which the report is made. "(c) I t shall be the duty of the Managing Trustee to invest such portion of the Trust Fund as is not, in his judgment, required to meet current withdrawals. Such investments may be made only in interest-bearing obligations of the United States or in obligations guaranteed as to both principal and interest by the United States. For such purpose such obligations may be acquired (1) on original issue at the issue price, or (2) by purchase of outstanding obligations at the market price. The purposes for which obligations of the United States may be issued under the Second Liberty Bond Act, as amended, are hereby extended to authorize the issuance at par of public-debt obligations for purchase by the Trust Fund. Such obligations issued for purchase by the Trust F u n d shall have matu-

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