Chapter 309. To accept and fund the bequest of Gertrude M
549 words·~2 min read·
/statutes-at-large/vol-37/chapter-309-1462649·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
CHAP. 309.— An Act To accept and fund the bequest of Gertrude M. Hubbard.August 20, 1912.[[H. R. 9833](/us/bill/62/hr/9833).][[Public, No. 276](/us/pl/62/276).] *Be it enacted by the. Senate and House of Representatives of the United States of America in Congress assembled*,Gertrude M. Hubbard.Acceptance of Request by, to Gardiner Greene Hubbard collection of engravings in Library of Congress. That the conditions of the bequest to the United States of America contained in the will of the late Gertrude M.
Hubbard, and which are set out in the following language, to wit: “For the purpose of adding to the Gardiner Greene Hubbard collection of engravings heretofore given by me to the United States of America, and now in the Library of Congress, I give and bequeath to the trustee hereinafter named, the American Security and Trust Company, its successors and assigns, the sum of twenty thousand dollars, to be set apart out of my real estate, stocks, bonds, or other securities, and to be invested and held by it upon the following trust, namely:
To pay over during each year the net income therefrom to the Librarian of Congress, said income so paid over as above to be used exclusively for the purchase of engravings and etchings to be added to said ‘Gardiner Greene Hubbard collection.’ “If any lawful or binding arrangement or contract can be made whereby the United States of America will be bound to pay interest on said investment at an annual rate of not less than four per centum, to be perpetually used for additions to said collection, I then further direct that my said trustee, the American Security and Trust Company, shall thereupon turn over and deliver the entire principal of said fund to the Treasurer of the United States upon that condition and for that purpose.” be, and the same are hereby, agreed to and the bequest accepted. 320 Sec. 2.
Treasurer to receive money.That the Treasurer of the United States be, and is hereby, authorized to receive from the American Security and Trust Company the principal of the above bequest, together with the interest, if any, accrued thereon, and to receipt for the same in the name of the United States of America, as accepted under the conditions and for the purpose defined in the said will, and, on behalf of the United States, to release said trust company from any liability in connection with said Release to trust company.fund.
And, further, the Librarian of Congress is authorized to join in said release, and thereby release said trust company from all future liability to the Librarian of Congress. Sec. 3. To be credited as perpetual trust fund.That in compliance with said conditions the principal of the sum so received and paid into the Treasury of the United States shall be credited on the books of the Treasury Department as a Permanent annual appropriation.perpetual trust fund; and the sum of eight hundred dollars, being equivalent to four per centum on the principal of said trust fund, be, and the same is hereby, appropriated, out of any moneys in the Treasury not otherwise appropriated, and such appropriation shall be deemed a permanent annual appropriation and shall be expended in the manner and for the purposes herein authorized and as provided in the said bequest.
Approved, August 20, 1912.