
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: 10USC6973]

 
                         TITLE 10--ARMED FORCES
 
                    Subtitle C--Navy and Marine Corps
 
                    PART III--EDUCATION AND TRAINING
 
                CHAPTER 603--UNITED STATES NAVAL ACADEMY
 
Sec. 6973. Gifts, bequests, and loans of property: acceptance 
        for benefit and use of Naval Academy
        
    (a) The Secretary of the Navy may accept, hold, administer, and 
spend any gift or bequest of personal property, and may accept, hold, 
and administer any loan of personal property other than money, that is 
made on the condition that it be used for the benefit of, or for use in 
connection with, the Naval Academy or the Naval Academy Museum, its 
collection, or its services. Gifts and bequests of money and the 
proceeds from the sales of property received as gifts shall be deposited 
in the Treasury in the fund called ``United States Naval Academy Gift 
and Museum Fund''. The Secretary may disburse funds deposited under this 
subsection for the benefit or use of the Naval Academy (including the 
Naval Academy Museum) subject to the terms of the gift or bequest.
    (b) The Secretary shall prescribe written guidelines to be used for 
determinations of whether the acceptance of money, any personal 
property, or any loan of personal property under subsection (a) would 
reflect unfavorably on the ability of the Department of the Navy or any 
officer or employee of the Department of the Navy to carry out 
responsibilities or duties in a fair and objective manner, or would 
compromise either the integrity or the appearance of the integrity of 
any program of the Department of the Navy or any officer or employee of 
the Department of the Navy who is involved in any such program.
    (c) For the purpose of Federal income, estate, and gift taxes, 
property that is accepted under this section is considered as a gift or 
bequest to or for the use of the United States.
    (d) Upon the request of the Secretary of the Navy, the Secretary of 
the Treasury may invest, reinvest, or retain investments of money or 
securities comprising any part of the United States Naval Academy Gift 
and Museum Fund in securities of the United States or in securities 
guaranteed as to principal and interest by the United States. The 
interest and benefits accruing from those securities shall be deposited 
to the credit of the United States Naval Academy Gift and Museum Fund 
and may be disbursed as provided in this section.

(Aug. 10, 1956, ch. 1041, 70A Stat. 436; Pub. L. 106-398, Sec. 1 [[div. 
A], title IX, Sec. 942(c)], Oct. 30, 2000, 114 Stat. 1654, 1654A-241.)

                                          Historical and Revision Notes
-------------------------------------------------------------------------------
---------------------------------
            Revised section                      Source (U.S. Code)            
   Source (Statutes at Large)
-------------------------------------------------------------------------------
---------------------------------
6973(a)...............................  34 U.S.C. 1115.                      Ma
r. 31, 1944, ch. 147, Sec.  1, 58
                                                                              S
tat. 135.
                                        34 U.S.C. 1115a.                     Ma
r. 31, 1944, ch. 147, Sec.  2, 58
                                                                              S
tat. 135.
6973(b)...............................  34 U.S.C. 1115b.                     Ma
r. 31, 1944, ch. 147, Sec.  3, 58
                                                                              S
tat. 135.
6973(c)...............................  34 U.S.C. 1115c.                     Ma
r. 31, 1944, ch. 147, Sec.  4, 58
                                                                              S
tat. 135.
-------------------------------------------------------------------------------
---------------------------------

                               Amendments

    2000--Pub. L. 106-398, Sec. 1 [[div. A], title IX, Sec. 942(c)(4)], 
substituted ``Gifts, bequests, and loans of property: acceptance for 
benefit and use of Naval Academy'' for ``Gifts and bequests: acceptance 
for benefit of Naval Academy'' as section catchline.
    Subsec. (a). Pub. L. 106-398, Sec. 1 [[div. A], title IX, 
Sec. 942(c)(1)], in first sentence, substituted ``any gift or bequest of 
personal property, and may accept, hold, and administer any loan of 
personal property other than money, that is'' for ``gifts and bequests 
of personal property'' and inserted ``or the Naval Academy Museum, its 
collection, or its services'' before period at end, in second sentence, 
substituted ``United States Naval Academy Gift and Museum Fund'' for 
``United States Naval Academy general gift fund'', and, in last 
sentence, inserted ``(including the Naval Academy Museum)'' after ``the 
Naval Academy''.
    Subsecs. (b), (c). Pub. L. 106-398, Sec. 1 [[div. A], title IX, 
Sec. 942(c)(2)], added subsec. (b) and redesignated former subsec. (b) 
as (c). Former subsec. (c) redesignated (d).
    Subsec. (d). Pub. L. 106-398, Sec. 1 [[div. A], title IX, 
Sec. 942(c)(3)], substituted ``United States Naval Academy Gift and 
Museum Fund'' for ``United States Naval Academy general gift fund'' in 
two places.
    Pub. L. 106-398, Sec. 1 [[div. A], title IX, Sec. 942(c)(2)(A)], 
redesignated subsec. (c) as (d).


  Temporary Authority To Dispose of Gift Previously Accepted for Naval 
                                 Academy

    Pub. L. 106-398, Sec. 1 [[div. A], title IX, Sec. 943], Oct. 30, 
2000, 114 Stat. 1654, 1654A-243, provided that: ``Notwithstanding 
section 6973 of title 10, United States Code, during fiscal year 2001 
the Secretary of the Navy may dispose of a gift accepted before the date 
of the enactment of this Act [Oct. 30, 2000] for the United States Naval 
Academy by disbursing from the United States Naval Academy general gift 
fund to an entity designated by the donor of the gift the amount equal 
to the current cash value of that gift.''

                  Section Referred to in Other Sections

    This section is referred to in section 6974 of this title; title 26 
sections 170, 2055.
