50 U.S. Code § 3512 - Gifts, devises, and bequests
Unless otherwise restricted by the terms of the gift, the Director may sell or exchange, or invest or reinvest, any property which is accepted under subsection (a), but any such investment may only be in interest-bearing obligations of the United States or in obligations guaranteed as to both principal and interest by the United States.
There is hereby created on the books of the Treasury of the United States a fund into which gifts of money, securities, and other intangible property accepted under the authority of subsection (a), and the earnings and proceeds thereof, shall be deposited. The assets of such fund shall be disbursed upon the order of the Director for the purposes specified in subsection (a) or (b).
For purposes of Federal income, estate, and gift taxes, gifts accepted by the Director under subsection (a) shall be considered to be to or for the use of the United States.
 So in original. The quotation marks probably should not appear.
Section was formerly classified to section 403l of this title prior to editorial reclassification and renumbering as this section.
2014—Pub. L. 113–126, § 421(1), substituted “Gifts, devises, and bequests” for “Authority to accept gifts, devises, and bequests” in section catchline.
Subsec. (a)(2). Pub. L. 113–126, § 421(2), in introductory provisions, inserted “by the Director as a gift to the Agency” after “accepted” and substituted “this subsection” for “this section”.
Subsecs. (b), (c). Pub. L. 113–126, § 421(3), (4), substituted “subsection (a),” for “this section,”.
Subsec. (d). Pub. L. 113–126, § 421(5), substituted “subsection (a)” for “this section”.
Subsecs. (f), (g). Pub. L. 113–126, § 421(6), (7), added subsec. (f) and redesignated former subsec. (f) as (g).
2012—Subsec. (a). Pub. L. 112–87, § 411(1), designated existing provisions as par. (1), struck out “Any gift accepted under this section (and any income produced by any such gift) may be used only for artistic display or for purposes relating to the general welfare, education, or recreation of employees or dependents of employees of the Agency or for similar purposes, and under no circumstances may such a gift (or any income produced by any such gift) be used for operational purposes. The Director may not accept any gift under this section which is expressly conditioned upon any expenditure not to be met from the gift itself or from income produced by the gift unless such expenditure has been authorized by law.” at end, and added pars. (2) to (5).
Subsec. (f). Pub. L. 112–87, § 411(2), added subsec. (f).
LII has no control over and does not endorse any external Internet site that contains links to or references LII.