
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 10USC2601]

 
                         TITLE 10--ARMED FORCES
 
                    Subtitle A--General Military Law
 
                PART IV--SERVICE, SUPPLY, AND PROCUREMENT
 
              CHAPTER 155--ACCEPTANCE OF GIFTS AND SERVICES
 
Sec. 2601. General gift funds

    (a) The Secretary concerned may accept, hold, administer, and spend 
any gift, devise, or bequest of real or personal property, made on the 
condition that it be used for the benefit, or in connection with the 
establishment, operation, or maintenance, of a school, hospital, 
library, museum, cemetery, or other institution or organization under 
the jurisdiction of his department. He may pay all necessary expenses in 
connection with the conveyance or transfer of a gift, devise, or bequest 
made under this subsection.
    (b) Gifts and bequests of money, and the proceeds of the sale of 
property, received under subsection (a) shall be deposited in the 
Treasury in the fund called--
        (1) ``Department of the Army General Gift Fund'', in the case of 
    deposits of that department;
        (2) ``Department of the Navy General Gift Fund'', in the case of 
    deposits of that department;
        (3) ``Department of the Air Force General Gift Fund'', in the 
    case of deposits of that department; and
        (4) ``Coast Guard General Gift Fund'', in the case of deposits 
    of the Secretary of Transportation.

The Secretary concerned may disburse funds deposited under this 
subsection for the benefit or use of the designated institution or 
organization, subject to the terms of the gift, devise, or bequest.
    (c) For the purposes of Federal income, estate, and gift taxes, 
property that is accepted under subsection (a) shall be considered as a 
gift, devise, or bequest to or for the use of the United States.
    (d) The Secretary of the Treasury, upon the request of the Secretary 
of a military department, may retain money, securities, and the proceeds 
of the sale of securities, in the gift fund of the department concerned, 
and may invest money and reinvest the proceeds of the sale of securities 
in that fund in securities of the United States or in securities 
guaranteed as to principal and interest by the United States. The 
Secretary of the Treasury may do likewise with respect to the Coast 
Guard General Gift Fund. The interest and profits accruing from those 
securities shall be deposited to the credit of the gift fund of the 
dep
