§ 554 — Powers with respect to historical buildings, sites, objects and archaeological resources

(a) A trust fund is continued under the jurisdiction of the Department of State subject to audit by the Secretary of Finance or its authorized agents to accept, hold and administer gifts and bequests of money, securities or other personal property of whatsoever character, absolutely or on trust.

(b) Unless otherwise restricted by the terms of the gift or bequest, the Department may sell, exchange or otherwise dispose of and invest or reinvest in such investments as it may determine from time to time the moneys, securities or other property given, bequeathed or appropriated to it.

(c) The principal of such funds, together with the income therefrom and all other revenues received by it from any source whatsoever for this purpose, shall be deposited in a special fund of the State.

(d) When the principal and accrued interest of the trust fund shall have accumulated sufficiently in the judgment of the Department to undertake the preservation of a historic building, site, object or archeological resource, the accrued funds, principal and interest may be expended for that purpose.

Legislative History

48 Del. Laws, c. 265, § 5 ; 29 Del. C. 1953, § 3354; 57 Del. Laws, c. 608, §§ 1B, 1K ; 63 Del. Laws, c. 142, § 42 ; 66 Del. Laws, c. 211, § 1 ; 75 Del. Laws, c. 153, § 14