1997 US Code
Title 36 - PATRIOTIC SOCIETIES AND OBSERVANCES
CHAPTER 85 - NATIONAL EDUCATION ASSOCIATION OF THE UNITED STATES
Sec. 5307 - Permanent Fund of the National Education Association

The invested fund now known as the “Permanent Fund of the National Education Association,” shall be held in such corporation as a Permanent Fund and shall be in charge of the Executive Committee, which shall provide for the safekeeping and investment of such fund, and of all other funds which the corporation may receive by donation, bequest, or devise. No part of the principal of such Permanent Fund or its accretions shall be expended or transferred to the General Fund, except by a two-thirds vote of the Representative Assembly, after the proposed expenditure or transfer has been approved by the Executive Committee and the Board of Directors, and after printed notice of the proposed expenditure or transfer has been printed in the Journal of the National Education Association at least two months prior to the meeting of the Representative Assembly.

The income of the Permanent Fund shall be used only to meet the cost of maintaining the organization of the Association and of publishing its annual volume of Proceedings, unless the terms of the donation, bequest, or devise shall otherwise specify or the bylaws of the corporation shall otherwise provide.

The Executive Committee shall elect the secretary of the Association, who shall be secretary of the Executive Committee, and shall fix the compensation and the term of his office for a period not to exceed four years.

(June 30, 1906, ch. 3929, §7, 34 Stat. 806; June 14, 1937, ch. 336, §3, 50 Stat. 257; June 30, 1969, Pub. L. 91–37, §1(c), 83 Stat. 43.)

1969—Pub. L. 91–37 amended section generally, redesignating subsecs. (b), (c), and (d) as (a), (b), and (c), respectively, and making the Executive Committee, rather than the board of trustees, in charge of the permanent fund, and striking out former subsec. (a) which made provision for the election and operation of the board of trustees to oversee the investment and safekeeping of the fund.

1937—Act June 14, 1937, amended section generally. Prior to amendment, section provided for establishment of a permanent fund, as well as spending limitations and procedures, use of fund income, payment of bills, and investment of surplus, as well as for the election of a secretary of the association and executive committee by the board of trustees.

Section 2 of Pub. L. 91–37 provided that: “Upon the adoption by the Representative Assembly of the National Education Association of amended bylaws to provide for the administration of the property of the corporation and for the selection of the secretary of the Association, section 7 of the Act June 30, 1906 (34 Stat. 804) [this section], shall be of no further force and effect.” [At its Annual Meeting convened on July 1, 1968, the National Education Association adopted a bylaw amendment transferring the duties of the Board of Trustees, including responsibility for the Permanent Fund and selection of the Secretary, to the Executive Committee.]