Acquisition Fund

  1. Law
  2. USC 25
  3. Indians
  4. INDIAN LAND CONSOLIDATION
  5. Acquisition Fund

Checkout our iOS App for a better way to browser and research.

§2215. Acquisition Fund

(a) In general

The Secretary shall establish an Acquisition Fund to-

(1) disburse appropriations authorized to accomplish the purposes of section 2212 of this title; and

(2) collect all revenues received from the lease, permit, or sale of resources from interests acquired under section 2212 of this title or paid by Indian landowners under section 2212 of this title.

(b) Deposits; use

(1) In general

All proceeds from leases, permits, or resource sales derived from an interest in trust or restricted lands described in subsection (a)(2) shall-

(A) be deposited in the Acquisition Fund;

(B) as specified in advance in appropriations Acts, be available for the purpose of acquiring additional fractional interests in trust or restricted lands; and

(C) be used to acquire undivided interests on the reservation from which the income was derived.

(2) Use of funds

The Secretary may use the revenue deposited in the Acquisition Fund under paragraph (1) to acquire some or all of the undivided interests in any parcels of land in accordance with section 2204 of this title.

(Pub. L. 97–459, title II, §216, as added Pub. L. 106–462, title I, §103(6), Nov. 7, 2000, 114 Stat. 2002 ; amended Pub. L. 108–374, §6(a)(8), Oct. 27, 2004, 118 Stat. 1802 .)

Amendments

2004-Subsec. (a)(2). Pub. L. 108–374, §6(a)(8)(A), added par. (2) and struck out former par. (2) which read as follows: "collect all revenues received from the lease, permit, or sale of resources from interests in trust or restricted lands transferred to Indian tribes by the Secretary under section 2212 of this title or paid by Indian landowners under section 2212(c) of this title."

Subsec. (b)(1). Pub. L. 108–374, §6(a)(8)(B)(i), substituted "All" for "Subject to paragraph (2), all" in introductory provisions and added subpar. (C).

Subsec. (b)(2). Pub. L. 108–374, §6(a)(8)(B)(ii), added par. (2) and struck out heading and text of former par. (2). Text read as follows: "With respect to the deposit of proceeds derived from an interest under paragraph (1), the aggregate amount deposited under that paragraph shall not exceed the purchase price of that interest under section 2212 of this title."


Download our app to see the most-to-date content.