Chapter 2558. To establish the Foundation for the Promotion of Industrial Peace
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CHAP. 2558.— An Act To establish the Foundation for the Promotion of Industrial Peace. March 2, 1907. [[S. 8303](/us/bill/34/s/8303).] [[Public, No. 217](/us/pl/34/217).] Whereas Alfred Bernard Nobel, of the city of Stockholm, in thePreamble. Kingdom of Sweden, having by his last will and testament provided that the residue of his estate shall constitute a fund the income from which shall be annually awarded in prizes to those persons who have 1242during the year contributed most materially to benefit mankind, and having further provided that one share of said income shall be awarded to the person who shall have most or best promoted the fraternity of nations and the abolishment or diminution of standing armies and the formation and increase of peace congresses; and Whereas the Norwegian Parliament having, under the terms of said foundation, elected a committee for the distribution of the peace prize, and this committee having in the year nineteen hundred and six awarded the aforesaid prize to Theodore Roosevelt.
President of the United States, for his services in behalf of the peace of the world: and Whereas the President desiring that this award shall form the nucleus of a fund the income of which shall be expended for bringing together in conference at the city of Washington, especially during the sessions of Congress, representatives of labor and capital for the purpose of discussing industrial problems, with the view of arriving at a better understanding between employers and employees, and thus promoting industrial peace;
Therefore *Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled*, Foundation for the Promotion of Industrial Peace established.Board of trustees. That the Chief Justice of the United States, the Secretary of Agriculture, and the Secretary of Commerce and Labor, and their successors in office, together with a representative of labor and a representative of capital and two persons to represent the general public, to be appointed by the President of the United States, are hereby created trustees of an establishment by the name of the Foundation for the Promotion of Nobel peace prize awarded to President Roosevelt devoted to the work.Vacancies.Industrial Peace, with authority to receive the Nobel peace prize awarded to the President and by him devoted to this foundation, and to administer it in accordance with the purposes herein defined.
Any vacancies occurring in the number of trustees shall be filled in like manner by appointment by the President of the United States. Sec. 2. Duties of trustees.That it shall be the duty of the trustees herein mentioned to invest and reinvest the principal of this foundation, to receive any additions which may come to it by gift, bequest, or devise, and to invest and reinvest the same; and to pay over the income from the foundation and its additions, or such part thereof as they may from time to Income to be paid to industrial peace committee.Selection, service, etc.time apportion, to a committee of nine persons, to be known as “The industrial peace committee,” to be selected by the trustees, three members of which committee shall serve for the period of one year, three members for the period of two years, and three members for the period of three years; three members of this committee to be representatives of labor, three to be representatives of capital, each chosen for distinguished services in the industrial world in promoting righteous industrial peace, and three members to represent the general public.
Filling vacancies.Any vacancies which may occur in this committee shall be filled by selection and appointment in the manner prescribed for the original appointment of the committee, and when the committee has first been fully selected and appointed each member thereafter appointed shall serve for a period of three years or the unexpired portion of such term. Sec. 3. Annual conference at Washington, D. C.That the industrial peace committee herein constituted shall arrange for an annual conference in the city of Washington, District Objects.of Columbia, of representatives of labor and capital for the purpose of discussing industrial problems, with the view of arriving at a better understanding between employers and employees; it shall call special conferences in case of great industrial crises and at such other times as may be deemed advisable, and take such other steps as in its discretion will promote the general purposes of the foundation; subject, however, to such rules and regulations as may be prescribed by the trustees.
The committee shall receive suggestions for the subjects to be discussed at the annual or other conferences and be charged with the conduct of 1243the proceedings at such conferences. The committee shall also arrange for the publication of the results of the annual and special conferences. Sec. 4. That all expenditures authorized by the trustees shall beExpenditures. paid exclusively from the accrued income and not from the principal of the foundation. Sec. 5. That the trustees herein named are authorized to hold realProperty holdings.Limit. and personal estate in the District of Columbia to an amount not exceeding three million dollars, and to use and dispose of the same for the purposes of this foundation.
Sec. 6. That the principal office of the foundation shall be locatedPrincipal office, etc. in the District of Columbia, but offices may be maintained and meetings of the trustees and committees may be held in other places, to be provided for in by-laws to be adopted from time to time by the trustees, for the proper execution of the purposes of the foundation. Sec. 7. That the Foundation for the Promotion of Industrial PeaceCooperation with other societies. is hereby authorized and empowered, at its discretion, to cooperate with any institutions or societies having similar or like purposes.
Sec. 8. That this Act shall take effect immediately on its passage.Effect. Approved, March 2, 1907.