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![handle is hein.amindian/citerhcop0001 and id is 1 raw text is: 70TH CONGRESS 1 HOUSE OF REPRESENTATIVES RIpowr
1st Session No. 1358
CREATION OF INDIAN TRUST ESTATES
Arii 21, 1928.-Referred to the House Calendar and ordered to be printed
Mr. LETTS, from the Committee on Indian Affairs, submitted the
following
REPORT
[To accompany H. R. 7204]
The Committee on Indian Affairs, to whom was referred the bill
(H. R. 7204) to authorize the creation of Indian trust estates, and for
other purposes, having considered the same, report thereon with a
recommendation that it do pass with the following amendment:
Strike out all after the enacting clause and substitute therefor the
following:
That the Secretary of the Interior be, and he is hereby, authorized to permit
in his discretion and subject to his approval, any Indian over the age of twenty
one years, including the Quapaws, Five Civilized Tribes, and the Osages, having
restricted funds or other property subject to the supervision of the Secretary of
the Interior, to create and establish, out of the restricted funds or other property,
trusts for the benefit of such Indian, his heirs, or other beneficiaries designated
by him, such trusts to be created by contracts or agreements by and between the
Indian and incorporated trust companies or such banks as may be authorized by
law to act as fiduciaries or trustees: Provided, That unless otherwise ordered by
the Secretary of the Interior, the trustee shall be located in the State or Territory
of the residence of the Indian creating the trust: Provided further, That no trust
company or bank shall be trustee in any trust created under this act which has
paid or promised to pay to any person, other than an officer or employee on the
regular pay roll thereof, any charge, fee, commission, or remuneration for any
service or influence in securing or attempting to secure for it the trusteeship in
any trust.
SEc. 2. That the Secretary of the Interior be, and he is hereby, authorized,
upon the execution and approval of any trust agreement or contract as herein
provided, to transfer, or cause to be transferred, to the trustee, from the in-
dividual restricted or trust funds or other restricted property of the respective
Indian, the funds or property required by the terms of the approved agree-
ment, and the funds or property so transferred shall in each case be held by the
trustee subject to the terms and conditions of the trust agreement or contract
creating the trust.
. SEC. 3. That none of the restrictions upon the funds or property transferred
under the terms of any such trust agreement or contract shall be in any manner
released during the continuance of the restriction period provided by law, except
as provided by the terms of such agreement or contract, and neither the corpus
of said trust nor the income derived therefrom shall, during the restriction period](ViewImageLocal?handle=hein.amindian/citerhcop0001&div=1&collection=&method=preview&ext=.png&size=3)