1937 Congressional Legislation Authorizing the Acceptance of Gifts for the Predecessor Organization of the Naval Historical Center Including the Navy Department Library
Authorizing the Secretary of the Navy to accept gifts and bequests for the benefit
of the Office of Naval Records and Library, Navy Department.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the Secretary of the Navy is hereby authorized to accept, receive, hold, and administer gifts and bequests of personal property, and loans of personal property other than money, from individuals or others for the benefit of the Office of Naval Records and Library, Navy Department, its collection or its services. Gifts or bequests of money shall be deposited in the Treasury of the United States as trust funds under the title “Office of Naval Records and Library Fund.”
Sec. 2. Gifts or bequests for the benefit of the Office of Naval Records and Library, Navy Department, its collection or its services shall be exempt from all Federal taxes.
Sec.3. The Secretary of the Treasury is authorized, upon the request of the Secretary of the Navy, to invest or reinvest the trust funds, or any part thereof, deposited in the Treasury pursuant to section 1 of this Act in securities of the United States Government or in securities guaranteed by the United States Government. The interest accruing from such securities shall be deposited to the credit of the Office of Naval records and Library Fund.
Approved, March 4, 1937.
Source: United States Statutes at Large Containing the Laws and Concurrent Resolutions Enacted During the First Session of the Seventy-Fifth Congress of the United States of America 1937 and Treaties, International Agreements Other than Treaties, and Proclamations. Vol. 50., Part1. (Washington, DC: United States Government Printing Office, 1937): 25.