Connecticut General Statutes 27-138 – Custody and administration of the Soldiers, Sailors and Marines Fund. Annual disbursement to American Legion. Use of funds. Treatment of gifts, bequests and donations
(a) The Soldiers, Sailors and Marines Fund shall remain as established and shall be in the custody of the Treasurer as trustee of the fund and shall be administered by the American Legion. The Treasurer shall invest the fund and shall reinvest as much of the fund as is not required for current disbursement in accordance with the provisions of this section. The interest accumulations of the fund so held in trust or the corpus of the fund, to the extent that the interest accumulations of such fund are insufficient to carry out the purposes of this section shall be disbursed to the American Legion, which shall utilize such funds as specified in subsection (b) of this section, and the balance of said funds shall at the end of each fiscal year be added to the principal of the fund. Disbursements to the American Legion shall be made at such definite and stated periods as are necessary to meet the convenience of the American Legion and said trustee; but each disbursement shall be made upon the order of the American Legion, approved by at least two of its executive officers or of a special committee thereof thereunto specially authorized. The American Legion may consult with the Treasurer concerning investment of the fund.
Terms Used In Connecticut General Statutes 27-138
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Trustee: A person or institution holding and administering property in trust.
(b) The Treasurer shall disburse not less than two million dollars annually to the American Legion in accordance with subsection (a) of this section. Such disbursement shall be made initially from interest accumulations of the fund. If such interest accumulations are less than two million dollars, the Treasurer shall disburse such amount of the corpus of the fund as is necessary to equal two million dollars. The American Legion shall utilize such amount for the purposes specified under § 27-140. None of such amount may be used by the American Legion for expenses of administering or operating the fund. The balance of any funds not expended by the end of each fiscal year shall be added to the corpus of the fund.
(c) The American Legion shall promptly turn over all gifts, bequests and donations received by it in support of the Soldiers, Sailors and Marines Fund to the Treasurer, and the amounts of such gifts, bequests and donations shall be added to the corpus of the fund.