
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 23, 2000]
[Document not affected by Public Laws enacted between
  January 23, 2000 and December 4, 2001]
[CITE: 49USC326]

 
                        TITLE 49--TRANSPORTATION
 
                SUBTITLE I--DEPARTMENT OF TRANSPORTATION
 
                  CHAPTER 3--GENERAL DUTIES AND POWERS
 
                      SUBCHAPTER II--ADMINISTRATIVE
 
Sec. 326. Gifts

    (a) The Secretary of Transportation may accept and use conditional 
or unconditional gifts of property for the Department of Transportation. 
The Secretary may accept a gift of services in carrying out aviation 
duties and powers. Property accepted under this section and proceeds 
from that property must be used, as nearly as possible, under the terms 
of the gift.
    (b) The Department has a fund in the Treasury. Disbursements from 
the fund are made on order of the Secretary. The fund consists of--
        (1) gifts of money;
        (2) income from property accepted under this section and 
    proceeds from the sale of that property; and
        (3) income from securities under subsection (c) of this section.

    (c) On request of the Secretary of Transportation, the Secretary of 
the Treasury may invest and reinvest amounts in the fund in securities 
of, or in securities whose principal and interest is guaranteed by, the 
United States Government.
    (d) Property accepted under this section is a gift to or for the use 
of the Government under the Internal Revenue Code of 1986 (26 U.S.C. 1 
et seq.).

(Pub. L. 97-449, Jan. 12, 1983, 96 Stat. 2424; Pub. L. 99-514, Sec. 2, 
Oct. 22, 1986, 100 Stat. 2095.)

                                          Historical and Revision Notes
-------------------------------------------------------------------------------
---------------------------------
           Revised  Section                    Source (U.S. Code)              
 Source (Statutes at Large)
-------------------------------------------------------------------------------
---------------------------------
326(a)................................  49:1344(c)(1).                   Aug. 2
3, 1958, Pub. L. 85-726, Sec.
                                                                          303(c
)(1), 72 Stat. 748.
                                        49:1657(m)(1) (1st, 3d           Oct. 1
5, 1966, Pub. L. 89-670, Sec.
                                         sentences).                      9(m),
 80 Stat. 946.
326(b)................................  49:1657(m)(1) (2d sentence),
                                         (3) (less 1st sentence).
326(c)................................  49:1657(m)(3) (1st sentence).
326(d)................................  49:1657(m)(2).
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---------------------------------

    In the section, the word ``gifts'' is substituted for ``gifts and 
bequests'' in 49:1657(m)(1) because it is inclusive.
    In subsection (a), the words ``accept and use'' are substituted for 
``accept, hold, administer, and utilize'', and the words ``for the 
Department'' are substituted for ``for the purpose of aiding or 
facilitating the work of the Department'' in 49:1657(m)(1), to eliminate 
unnecessary words. The word ``property'' is substituted for ``property, 
both real and personal'' in 49:1657(m)(1), and ``gift or donation of 
money or other property, real and personal'' in 49:1344(c)(1) to 
eliminate unnecessary words. The words ``aviation duties and powers'' 
are added because the source provisions being restated only applies to 
carrying out duties and powers related to the Federal Aviation 
Administration. The words ``under this section and proceeds from that 
property'' are substituted for ``pursuant to this paragraph, and the 
proceeds thereof'' in 49:1657(m)(1) for clarity.
    In subsection (b), the words ``The Department has a'' and ``The fund 
consists of'' are added for clarity and because of the restatement of 
the section. The word ``separate'' before ``fund'' is omitted as 
unnecessary and for consistency. The words ``from the fund'' are added 
for clarity. The words ``accepted under this section'' are substituted 
for ``held by the Secretary pursuant to paragraph (1)'' for clarity. The 
words ``that property'' are substituted for ``other property received as 
gifts or bequests'' to eliminate unnecessary words. The words ``from 
securities under subsection (c) of this section'' are substituted for 
``accruing from such securities'' for clarity.
    In subsection (c), the words ``amounts in the fund'' are substituted 
for ``any moneys contained in the fund provided for in paragraph (1)'' 
for clarity and consistency.
    In subsection (d), the words ``under this section'' are substituted 
for ``under paragraph (1)'' because of the restatement of the section. 
The words ``the Internal Revenue Code of 1954 (26 U.S.C. 1 et seq.)'' 
are substituted for ``For the purpose of Federal income, estate, and 
gift taxes'' for consistency.


                               Amendments

    1986--Subsec. (d). Pub. L. 99-514 substituted ``Internal Revenue 
Code of 1986'' for ``Internal Revenue Code of 1954''.

                  Section Referred to in Other Sections

    This section is referred to in section 106 of this title.
