106 STAT. 4484 PUBLIC LAW 102-569—OCT. 29, 1992 discretion, and intelligence would exercise in the management of that person's own business affairs.
- (2) LIMITATIONS. —
"(A) FEDERALLY INSURED INVESTMENTS AND OTHER INVESTMENTS. —The Endowment Fund corpus and income shall be invested in federally insured bank savings accounts or comparable interest bearing accounts, certificates of deposit, money market funds, mutual funds, obligations of the United States, or other low-risk instruments and securities in which a regulated insurance company may invest under the laws of the State of New York.
- (B) REAL ESTATE.— The Endowment Fund corpus and
income may not be invested in real estate. "(C) CONFLICT OF INTEREST.— The Endowment Fund corpus or income may not be invested in instruments or seciuities issued by an organization in which an executive officer is a controlling shareholder, director, or owner within the meaning of Federal securities laws and other applicable laws. "(D) ENCUMBRANCES. —The Center may not assign, hypothecate, encimiber, or create a lien on the Endowment Fund corpus without specific written authorization of the Secretary. " (d) WITHDRAWALS AND EXPENDITURES.— "(1) IN GENERAL.—For a 20-year period following the receipt of a payment under this section, the Center shall not withdraw or expend the Federal payment or matching contribution made to the Endowment Fund corpus. On the expiration of such period, the Center may use the Endowment Fund corpus plus any of the Endowment Fund income for any purpose that benefits individuals who are deaf-blind. "(2) OPERATIONAL AND COMMERCIAL EXPENSES.— "(A) IN GENERAL.— The Helen Keller National Center may withdraw or expend the Endowment Fund income for any expenses necessary for the operation of the Center, including expenses of operations and maintenance, administration, academic and support personnel, construction and renovation, community and client services programs, technical assistance, and research. "(B) LIMITATION. —The Center may not withdraw or expend the Endowment Fund income for any commercial purpose. "(3) LIMITATIONS AND WAIVER OF LIMITATIONS.— "(A) IN GENERAL. —Except as provided in subparagraph (B), the Center shall not withdraw or expend more than 50 percent of the total aggregate Endowment Fund income earned prior to the time of withdrawal or expenditure. "(B) EXCEPTION.—The Secretary may permit the Center to withdraw or expend more than 50 percent of its total aggregate endowment income where the Center demonstrates to the Secretary's satisfaction that such withdrawal or expenditure is necessary because of— "(i) a financial emergency, such as a pending insolvency or temporary liquidity problem; "(ii) a me-threatening situation occasioned by a natural disaster or arson; or
�
