
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: 50USC403l]

 
                   TITLE 50--WAR AND NATIONAL DEFENSE
 
                      CHAPTER 15--NATIONAL SECURITY
 
            SUBCHAPTER I--COORDINATION FOR NATIONAL SECURITY
 
Sec. 403l. Authority to accept gifts, devises and bequests


(a) Use for operational purposes prohibited

    Subject to the provisions of this section, the Director may accept, 
hold, administer, and use gifts of money, securities, or other property 
whenever the Director determines it would be in the interest of the 
United States to do so. Any gift accepted under this section (and any 
income produced by any such gift) may be used only for artistic display 
or for purposes relating to the general welfare, education, or 
recreation of employees or dependents of employees of the Agency or for 
similar purposes, and under no circumstances may such a gift (or any 
income produced by any such gift) be used for operational purposes. The 
Director may not accept any gift under this section which is expressly 
conditioned upon any expenditure not to be met from the gift itself or 
from income produced by the gift unless such expenditure has been 
authorized by law.

(b) Sale, exchange and investment of gifts

    Unless otherwise restricted by the terms of the gift, the Director 
may sell or exchange, or invest or reinvest, any property which is 
accepted under this section, but any such investment may only be in 
interest-bearing obligations of the United States or in obligations 
guaranteed as to both principal and interest by the United States.

(c) Deposit of gifts into special fund

    There is hereby created on the books of the Treasury of the United 
States a fund into which gifts of money, securities, and other 
intangible property accepted under the authority of this section, and 
the earnings and proceeds thereof, shall be deposited. The assets of 
such fund shall be disbursed upon the order of the Director for the 
purposes specified in subsection (a) or (b) of this section.

(d) Taxation of gifts

    For purposes of Federal income, estate, and gift taxes, gifts 
accepted by the Director under this section shall be considered to be to 
or for the use of the United States.

(e) ``Gift'' defined

    For the purposes of this section, the term ``gift'' includes a 
bequest or devise.

(June 20, 1949, ch. 227, Sec. 12, as added Pub. L. 96-450, title IV, 
Sec. 404, Oct. 14, 1980, 94 Stat. 1979.)

                          Codification

    Section was enacted as part of the Central Intelligence Agency Act 
of 1949, and not as part of the National Security Act of 1947 which 
comprises this chapter.

                  Section Referred to in Other Sections

    This section is referred to in sections 403a, 403e, 403f of this 
title.
