10 USC 2612 – National Defense University: acceptance of gifts
(a) The Secretary of Defense may accept, hold, administer, and spend any gift, including a gift from an international organization and a foreign gift or donation (as defined in section 343(f)(4) of this title), that is made on the condition that it be used in connection with the operation or administration of the National Defense University. The Secretary may pay all necessary expenses in connection with the acceptance of a gift under this subsection.
Terms Used In 10 USC 2612
- Bequest: Property gifted by will.
- Devise: To gift property by will.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Personal property: All property that is not real property.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(b) There is established in the Treasury a fund to be known as the “National Defense University Gift Fund”. Gifts of money, and the proceeds of the sale of property, received under subsection (a) shall be deposited in the fund. The Secretary may disburse funds deposited under this subsection for the benefit or use of the National Defense University.
(c) Subsection (c) of section 2601 of this title applies to property that is accepted under subsection (a) in the same manner that such subsection applies to property that is accepted under subsection (a) of that section.
(d)(1) Upon request of the Secretary of Defense, the Secretary of the Treasury may—
(A) retain money, securities, and the proceeds of the sale of securities, in the National Defense University Gift Fund; and
(B) invest money and reinvest the proceeds of the sale of securities in that fund in securities of the United States or in securities guaranteed as to principal and interest by the United States.
(2) The interest and profits accruing from those securities shall be deposited to the credit of the fund and may be disbursed as provided in subsection (b).
(e) In this section:
(1) the term “gift” includes a devise of real property or a bequest of personal property and any gift of an interest in real property.
(2) The term “National Defense University” includes any school or other component of the National Defense University specified under section 2165(b) of this title.
(f) The Secretary of Defense shall prescribe regulations to carry out this section.