7 U.S. Code § 309 - Land grants in the State of North Dakota

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(a) Expenses
Notwithstanding section 303 of this title, the State of North Dakota shall manage the land granted to the State under section 301 of this title, including any proceeds from the land, in accordance with this section.
(b) Disposition of proceeds
Notwithstanding section 304 of this title, the State of North Dakota shall, with respect to any trust fund in which proceeds from the sale of land under this subchapter are deposited (referred to in this section as the “trust fund”)—
(1) deposit all revenues earned by a trust fund into the trust fund;
(2) deduct the costs of administering a trust fund from each trust fund; and
(3) manage each trust fund to—
(A) preserve the purchasing power of the trust fund; and
(B) maintain stable distributions to trust fund beneficiaries.
(c) Distributions
Notwithstanding section 304 of this title, any distributions from trust funds in the State of North Dakota shall be made in accordance with section 2 of article IX of the Constitution of the State of North Dakota.
(d) Management
Notwithstanding section 305 of this title, the State of North Dakota shall manage the land granted under section 301 of this title, including any proceeds from the land, in accordance with this section.

Source

(July 2, 1862, ch. 130, § 9, as added Pub. L. 111–11, title XIII, § 13001(b),Mar. 30, 2009, 123 Stat. 1446.)

The table below lists the classification updates, since Jan. 3, 2012, for this section. Updates to a broader range of sections may be found at the update page for containing chapter, title, etc.

The most recent Classification Table update that we have noticed was Tuesday, August 13, 2013

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7 USCDescription of ChangeSession YearPublic LawStatutes at Large

 

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