Compiled and edited by Charles J. Kappler. Washington : Government Printing Office, 1941.
|Chap. 483||Indian trust funds.
45 Stat., 1164, amended; ante, 77.
|Chap. 483||Interest rate on, established.|
|Sec. 2||Tribal funds designated, to be carried in separate funds.
22 Stat., 590, vol. 1, 31.
44 Stat., 560, vol. 4, 548.
|Sec. 2||Interest rate on, from July 1, 1930.|
|Sec. 3||Excess in tribal fund account to be covered into Treasury.|
|Sec. 3||Restored if necessary.|
|Sec. 4||Disposal of accrued interest.|
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the Act approved February 12, 1929 (44 Stat. 1164), entitled “An Act to authorize the payment of interest on certain funds held in trust by the United States for Indian tribes,” be, and the same is hereby, amended so as to read as follows:
“That all funds with account balances exceeding $500 held in trust by the United States and carried in principal accounts on the books of the Treasury Department to the credit of Indian tribes, upon which interest is not otherwise authorized by law, shall bear simple interest at the rate of 4 per centum per annum.
All tribal funds arising under the Act of March 3, 1883 (22 Stat. 590), as amended by the Act of May 17, 1926 (44 Stat. 560), now included in the fund ‘Indian Money, Proceeds of Labor,’ shall, on and after July 1, 1930, be carried on the books of the Treasury Department in separate accounts for the respective tribes, and all such funds with account balances exceeding $500 shall bear simple interest at the rate of 4 per centum per annum from July 1, 1930.
The amount held in any tribal fund account which, in the judgment of the Secretary of the Interior, is not required for the purpose for which the fund was created, shall be covered into the surplus fund of the Treasury; and so much thereof as is found to be necessary for such purpose may at any time thereafter be restored to the account on books of the Treasury without appropriation by Congress.
The interest accruing on Indian tribal funds under this Act shall be subject to the same disposition as prescribed by existing law for the respective principal funds.”
Approved, June 13, 1930.