§ 162a. Deposit of tribal funds in banks; bond or collateral security; investments; collections from irrigation projects; affirmative action required
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(a)Deposit of tribal trust funds in banks The Secretary of the Interior is hereby authorized in his discretion, and under such rules and regulations as he may prescribe, to withdraw from the United States Treasury and to deposit in banks to be selected by him the common or community funds of any Indian tribe which are, or may hereafter be, held in trust by the United States and on which the United States is not obligated by law to pay interest at higher rates than can be procured from the banks. The said Secretary is also authorized, under such rules and regulations as he may prescribe, to withdraw from the United States Treasury and to deposit in banks to be selected by him the funds held in trust by the United States for the benefit of individual Indians: Provided, That no individual Indian money shall be deposited in any bank until the bank shall have agreed to pay interest thereon at a reasonable rate, subject, however, to the regulations of the Board of Governors of the Federal Reserve System in the case of member banks, and of the Board of Directors of the Federal Deposit Insurance Corporation in the case of insured nonmember banks, except that the payment of interest may be waived in the discretion of the Secretary of the Interior on any deposit which is payable on demand: Provided further, That no tribal or individual Indian money shall be deposited in any bank until the bank shall have furnished an acceptable bond or pledged collateral security therefor in the form of any public-debt obligations of the United States and any bonds, notes, or other obligations which are unconditionally guaranteed as to both interest and principal by the United States, except that no such bond or collateral shall be required to be furnished by any such bank which is entitled to the benefits of section 12B of the Federal Reserve Act, with respect to any deposits of such tribal or individual funds to the extent that such deposits are insured under such section: Provided, however, That nothing contained in this section, or in section 12B of the Federal Reserve Act, shall operate to deprive any Indian having unrestricted funds on deposit in any such bank of the full protection afforded by section 12B of the Federal Reserve Act, irrespective of any interest such Indian may have in any restricted Indian funds on deposit in the same bank to the credit of a disbursing agent of the United States. For the purpose of this section and said Act, said unrestricted funds shall constitute a separate and distinct basis for an insurance claim: Provided further, That the Secretary of the Interior, if he deems it advisable and for the best interest of the Indians, may invest the trust funds of any tribe or individual Indian in any public-debt obligations of the United States and in any bonds, notes, or other obligations which are unconditionally guaranteed as to both interest and principal by the United States: And provided further, That the foregoing shall apply to the funds of the Osage Tribe of Indians, and the individual members thereof, only with respect to the deposit of such funds in banks.
(b)Investment of collections from irrigation projects and power operations on irrigation projects The Secretary of the Interior is authorized to invest any operation and maintenance collections from Indian irrigation projects and revenue collections from power operations on Indian irrigation projects in—
(1)any public-debt obligations of the United States;
(2)any bonds, notes, or other obligations which are unconditionally guaranteed as to both principal and interest by the United States; or
(3)any obligations which are lawful investments for trust funds under the authority or control of the United States.
The Secretary of the Interior is authorized to use earning 1 from investments under this subsection to pay operation and maintenance expenses of the project involved.
(c)Investment of tribal trust funds in public debt obligations
(1)Notwithstanding subsection (a), the Secretary of the Interior, at the request of any Indian tribe, in the case of trust funds of such tribe, or any individual Indian, in the case of trust funds of such individual, is authorized to invest such funds, or any part thereof, in guaranteed or public debt obligations of the United States or in a mutual fund, otherwise known as an open-ended diversified investment management company if—
(A)the portfolio of such mutual fund consists entirely of public-debt obligations of the United States, or bonds, notes, or other obligations which are unconditionally guaranteed as to both interest and principal by the United States, or a combination thereof;
(B)the trust funds to be invested exceed $50,000;
(C)the mutual fund is registered by the Securities and Exchange Commission; and
(D)the Secretary is satisfied with respect to the security and protection provided by the mutual fund against loss of the principal of such trust funds.
(2)The Secretary, as a condition to complying with a request pursuant to paragraph
(1)of this subsection, is authorized to require such tribe or individual Indian, as the case may be, to enter into an agreement with the Secretary for the purpose of relieving the United States of any liability in connection with the interest, or amount thereof, payable in connection with such trust funds so invested during the period of that investment.
(3)Investments pursuant to paragraph
(1)of this subsection shall be deemed to be the same as cash or a bank deposit for purposes of section 955 of this title.2
(d)Trust responsibilities of Secretary of the Interior The Secretary’s proper discharge of the trust responsibilities of the United States shall include (but are not limited to) the following:
(1)Providing adequate systems for accounting for and reporting trust fund balances.
(2)Providing adequate controls over receipts and disbursements.
(3)Providing periodic, timely reconciliations to assure the accuracy of accounts.
(4)Determining accurate cash balances.
(5)Preparing and supplying account holders with periodic statements of their account performance and with balances of their account which shall be available on a daily basis.
(6)Establishing consistent, written policies and procedures for trust fund management and accounting.
(7)Providing adequate staffing, supervision, and training for trust fund management and accounting.
(8)Appropriately managing the natural resources located within the boundaries of Indian reservations and trust lands.
(June 24, 1938, ch. 648, § 1, 52 Stat. 1037; Pub. L. 98–146, title I, Nov. 4, 1983, 97 Stat. 929; Pub. L. 101–644, title III, § 302, Nov. 29, 1990, 104 Stat. 4667; Pub. L. 103–412, title I, §§ 101, 103(b), (c), Oct. 25, 1994, 108 Stat. 4240, 4241.)
Connections224 cite this · traces to 3
Cited by 224 sections · top 60
public-private-law
U.S. Code
- § 1613Conveyance of lands
- § 1543Lower Colorado River Basin Development Fund
- § 331Repealed. Pub. L. 106–462, title I, § 106(a)(1), Nov. 7, 2000, 114 Stat. 2007
- § 1605Alaska Native Fund
- § 162Repealed. June 24, 1938, ch. 648, § 2, 52 Stat. 1037
- § 4011Responsibility of Secretary to account for daily and annual balances of Indian trust funds
- § 163Roll of membership of Indian tribes
- § 155bProceeds of labor accounts; deposits limited to funds held in trust for Indian tribes or individuals
statutes-at-large
- Public Law 99–146To provide for the use and distribution of funds appropriated in satisfaction of judgments awarded to the Chippewas of Lake Superior in Dockets Numbered 18–S, 18–U, 18–C, and 18–T before the Indian Claims Commission, and for other purposes
- Public Law 100–585To facilitate and implement the settlement of Colorado Ute Indian reserved water rights claims in southwest Colorado, and for other purposes
- Public Law 97–376To provide for the use and disposition of Miami Indians judgment funds in dockets 124–B and 254 before the United States Court of Claims, and for other purposes
- Public Law 101–618To provide for the settlement of water rights claims of the Fallon Paiute Shoshone Indian Tribes and for other purposes
- Public Law 106–554Making consolidated appropriations for the fiscal year ending September 30, 2001, and for other purposes
- Public Law 99–566To establish a property tax fund for the Houlton Band of Maliseet Indians in furtherance of the Maine Indian Claims Settlement Act of 1980, and for other purposes
- Public Law 101–644To expand the powers of the Indian Arts and Crafts Board, and for other purposes
- Public Law 97–257Making supplemental appropriations for the fiscal year ending September 30, 1982, and for other purposes
- Public Law 98–134To settle certain claims of the Mashantucket Pequot Indians
- Public Law 96–420To provide for the settlement of land claims of Indians, Indian nations and tribes and bands of Indians in the State of Maine, including the Passamaquoddy Tribe, the Penobscot Nation, and the Houlton Band of Maliseet Indians, and for other purposes
- Public Law 108–451To provide for adjustments to the Central Arizona Project in Arizona, to authorize the Gila River Indian Community water rights settlement, to reauthorize and amend the Southern Arizona Water Rights Settlement Act of 1982, and for other purposes
- Public Law 100–675To provide for the settlement of water rights claims of the La Jolla, Rincon, San Pasqual, Pauma, and Pala Bands of Mission Indians in San Diego County, California, to authorize the lining of the All American Canal, and for other purposes
- Public Law 111–291This Act may be cited as “The Claims Resettlement Act of 2010.”
- Public Law 117–349To approve the settlement of water rights claims of the Hualapai Tribe and certain allottees in the State of Arizona, to authorize construction of a water project relating to those water rights claims, and for other purposes
- Public Law 107–331To amend the Indian Financing Act of 1974 to improve the effectiveness of the Indian loan guarantee and insurance program
- Public Law 98–219To declare certain lands to be held in trust for the benefit of the Paiute Indian Tribe of Utah, and for other purposes
- Public Law 108–34To approve the settlement of the water rights claims of the Zuni Indian Tribe in Apache County, Arizona, and for other purposes
- Public Law 94–204To provide, under or by amendment of the Alaska Native Claims Settlement Act, for the late enrollment of certain Natives, the establishment of an escrow account for the proceeds of certain lands, the treatment of certain payments and grants, and the consolidation of existing regional corporations, a
- Public Law 98–146Making appropriations for the Department of the Interior and related agencies for the fiscal year ending September 30, 1984, and for other purposes
- Public Law 114–322To provide for improvements to the rivers and harbors of the United States, to provide for the conservation and development of water and related resources, and for other purposes
- Public Law 100–580To partition certain reservation lands between the Hoopa Valley Tribe and the Yurok Indians, to clarify the use of tribal timber proceeds, and for other purposes
- Public Law 116–260Making consolidated appropriations for the fiscal year ending September 30, 2021, providing coronavirus emergency response and relief, and for other purposes
- Public Law 99–396To amend the Revised Organic Act of the Virgin Islands, to amend the Covenant to Establish a Commonwealth of the Northern Mariana Islands, to amend the Organic Act of Guam, to provide for the governance of the insular areas of the United States, and for other purposes
- Public Law 101–41To provide for the settlement of land claims, and the resolution of certain issues of governmental jurisdiction, of the Puyallup Tribe of Indians in the State of Washington, and for other purposes
- Public Law 108–447Making appropriations for foreign operations, export financing, and related programs for the fiscal year ending September 30, 2005, and for other purposes
- Public Law 99–264To settle unresolved claims relating to certain allotted Indian lands on the White Earth Indian Reservation, to remove clouds from the titles to certain lands, and for other purposes
- Public Law 106–425To settle the land claims of the Pueblo of Santo Domingo
- Public Law 98–74To authorize the Secretary of the Interior to set aside certain judgment funds of the Three Affiliated Tribes of Fort Berthold Reservation in North Dakota, and for other purposes
- Public Law 99–377To provide for the use and distribution of funds appropriated in satisfaction of judgments awarded to the Chippewas of the Mississippi in Docket Numbered 18-S before the Indian Claims Commission, and for other purposes
- Public Law 97–371To provide for the use and distribution of funds to the Wyandot Tribe of Indians in docket 139 before the Indian Claims Commission and docket 141 before the United States Court of Claims, and for other purposes
- Public Law 100–696To provide for the designation and conservation of certain lands in the States of Arizona and Idaho, and for other purposes
- Public Law 102–171To settle all claims of the Aroostook Band of Micmacs resulting from the Band’s omission from the Maine Indian Claims Settlement Act of 1980, and for other purposes
- Public Law 109–479To amend the Magnuson-Stevens Fishery Conservation and Management Act to authorize activities to promote improved monitoring and compliance for high seas fisheries, or fisheries governed by international fishery management agreements, and for other purposes
- Public Law 106–163To provide for the settlement of the water rights claims of the Chippewa Cree Tribe of the Rocky Boy’s Reservation, and for other purposes
- Public Law 100–71Making supplemental appropriations for the fiscal year ending September 30, 1987, and for other purposes
- Public Law 109–286To resolve certain Native American claims in New Mexico, and for other purposes
statute-compilations
- Sec. 6HUALAPAI WATER TRUST FUND ACCOUNT; CONSTRUCTION OF HUALAPAI WATER PROJECT; FUNDING
- Sec. 102RESPONSIBILITY OF SECRETARY TO ACCOUNT FOR THE DAILY AND ANNUAL BALANCES OF INDIAN TRUST FUNDS
- Sec. 3409PECHANGA SETTLEMENT FUND
- Sec. 411CROW SETTLEMENT FUND
- Sec. 103PAYMENT OF INTEREST ON INDIVIDUAL INDIAN MONEY ACCOUNTS
- Sec. 312FUNDING
- Sec. 101AFFIRMATIVE ACTION REQUIRED
- Sec. 3716BLACKFEET SETTLEMENT TRUST FUND
CFR
Traces to 3 documents
21 references not yet in our index
- 1
- 2
- June 24, 1938, ch. 648, § 1
- 52 Stat. 1037
- Pub. L. 98–146, title I
- 97 Stat. 929
- Pub. L. 101–644, title III, § 302
- 104 Stat. 4667
- Pub. L. 103–412, title I
- 108 Stat. 4240
- Pub. L. 103–412, § 103(b)
- Pub. L. 103–412, § 103(c)
- Pub. L. 103–412, § 101
- Pub. L. 101–644
- Pub. L. 98–146
- Act June 24, 1938, ch. 648, § 2
- act May 25, 1918, ch. 86, § 28
- 40 Stat. 591
- Act June 24, 1938, ch. 648, § 3
- 52 Stat. 1038
- 64 Stat. 1262
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cites case law
§ 162a
Deposit of tribal funds in banks; bond or collateral security; investments; collections from irrigation projects; affirmative action required
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Stat.×54
U.S.C.×14
Stat. Comp.×13
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Cite1
Cite2
ActJune 24, 1938, ch. 648, § 1
Stat.52 Stat. 1037
Pub. L.Pub. L. 98–146, title I
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