2004 US Code
Title 50 - WAR AND NATIONAL DEFENSE
CHAPTER 15 - NATIONAL SECURITY
SUBCHAPTER I - COORDINATION FOR NATIONAL SECURITY
Sec. 403l - Authority to accept gifts, devises and bequests
View MetadataPublication Title | United States Code, 2000 Edition, Supplement 4, Title 50 - WAR AND NATIONAL DEFENSE |
Category | Bills and Statutes |
Collection | United States Code |
SuDoc Class Number | Y 1.2/5: |
Contained Within | Title 50 - WAR AND NATIONAL DEFENSE CHAPTER 15 - NATIONAL SECURITY SUBCHAPTER I - COORDINATION FOR NATIONAL SECURITY Sec. 403l - Authority to accept gifts, devises and bequests |
Contains | section 403l |
Date | 2004 |
Laws in Effect as of Date | January 3, 2005 |
Positive Law | No |
Disposition | standard |
Source Credit | June 20, 1949, ch. 227, §12, as added Pub. L. 96-450, title IV, §404, Oct. 14, 1980, 94 Stat. 1979. |
Statutes at Large Reference | 94 Stat. 1979 |
Public Law Reference | Public Law 96-450 |
§403l. Authority to accept gifts, devises and bequests (a) Use for operational purposes prohibited
Subject to the provisions of this section, the Director may accept, hold, administer, and use gifts of money, securities, or other property whenever the Director determines it would be in the interest of the United States to do so. 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.
(b) Sale, exchange and investment of giftsUnless otherwise restricted by the terms of the gift, the Director may sell or exchange, or invest or reinvest, any property which is accepted under this section, 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.
(c) Deposit of gifts into special fundThere 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 this section, 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) of this section.
(d) Taxation of giftsFor purposes of Federal income, estate, and gift taxes, gifts accepted by the Director under this section shall be considered to be to or for the use of the United States.
(e) “Gift” definedFor the purposes of this section, the term “gift” includes a bequest or devise.
(June 20, 1949, ch. 227, §12, as added Pub. L. 96–450, title IV, §404, Oct. 14, 1980, 94 Stat. 1979.)
CodificationSection was enacted as part of the Central Intelligence Agency Act of 1949, and not as part of the National Security Act of 1947 which comprises this chapter.
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