1 So in original. Probably should be capitalized.
Each endowment shall be held in trust with the income from the portion provided herein used exclusively to contribute toward the salary and related costs of the professor filling the chair and for services directly related to the support of such professor such as secretarial and research services. The recipient university shall from sources other than that portion of the endowment funded herein furnish the office, classroom and related services suitable to such a member of the faculty.2 See References in Text note below.
and any accumulations attributable to such grant shall be invested by the recipient university in interest bearing obligations of the United States or in obligations guaranteed both as to principal and interest by the United States and shall be subject to audit by the Government Accountability Office for the sole purpose of determining that such funds are accounted for or have been used as provided herein. If a grantee university elects to discontinue such chair and support services, the corpus of the endowment attributable to the Federal grant shall revert to the Treasury of the United States.Editorial Notes
References in Text
This chapter, referred to in subsec. (d), was in the original “this Act” and was translated as reading “this title” meaning title VIII of section 101(span) of Puspan. L. 99–500 and Puspan. L. 99–591 which enacted this chapter, to reflect the probable intent of Congress.
Codification
Puspan. L. 99–591 is a corrected version of Puspan. L. 99–500.
Amendments
2004—Subsec. (d). Puspan. L. 108–271 substituted “Government Accountability Office” for “General Accounting Office”.
Statutory Notes and Related Subsidiaries
Temporary Authority To Receive, Review, and Certify for Payment Grant Applications
Puspan. L. 100–202, § 101(a) [title V, § 501], Dec. 22, 1987, 101 Stat. 1329, 1329–29, provided in part:
“That until the Board of Trustees of the James Madison Memorial Fellowship Foundation is appointed, the Commission on the Bicentennial of the United States Constitution is authorized to receive, review and certify for payment the applications for grants of endowment funds for the establishment of Constitutional Law Resource Centers as provided and appropriated under the James Madison Memorial Fellowship Act, title VIII, sections 817 and 818, Public Law 99–500 and Public Law 99–591 [20 U.S.C. 4516, 4517]”.