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A-58219 1 (1935-02-26)

handle is hein.gao/gaobadbmq0001 and id is 1 raw text is: COMPTROLLER GENERAL OF THE UNITED STATES WASHINGTON FEB 28 1935 The Honorable The Segretary of the Interior. Sir: In addition to the large sums of indiyidual Indian money which are deposited in interest-bearing acounts in various banka, under section 28 of tb eot of May 25, 1318, 40 Stat. 591, which provides 'That the Secretary of the Interior be, and he is hereby, authoried, under such rules and regulations as he may pro- scribe, to withdraw from the. United States Treasury and segr- gate the commons or comaniaty* funds of amy Indian tribe which ares or may hereafter be, held in trust by the United States, and which are susseptible of segregation, so as to credit an equal share to each and every reeolnized member of the tribe except those hose pro rata shares have already been withdrawn under existing law, and to deposit the funds so segregated in bauke to :4leeleted bylini, tthli4tte or States in which the tribe i located, subject to withdrawal for payment to the individual owners or expenditure for their benefit under the regulations governing the use of other individual Indian aoaeys. The said Seeretary is also athorized, under euch rules ad regulations as he may prescribe, to withdraw from the Treasury ani deposit in beak. In the State or states in which the tribe is located to the credit of the respeqtive tribes, such commons or community, trust funds as are not suseeptible of segregation as aforesaid, and on which the United States is not obligated by law to pay interest at higher rates than can be procured from the banks: Provided That no tribal or-individual Indian moneys shall be deposited i ay bank until the bank shall have agreed to pay interest thereon at a reasonable rate and shall have furnished an aeeptable bond or collateral security there- for, and United States bonds may be furnished as collateral security for either tribal or individual funds so depo-sited, in lieu of surety bonds: Provided further, That the Secretary of the Interior, if he deeme it advisable and for the best inter- ests of the Indiena, may invest the trust funds of ainy tribe or individual Indian in United States Govermnent bondst knd provided further, That any part of tribal funds required for support of schools or pay of tribal officerm shall be excepted

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