PUBLIC LAW 98-129—OCT. 14, 1983 97 STAT. 841 shall be made by the trustee or trustees only after the Secretary has determined that such Trust has been established and will be oper- ated in accordance with a trust instrument, or instruments, ap- proved by the Secretary which further the purposes and policies of this Act. "(4) Until the termination of the period described in paragraph (3), the trustee or trustees shall invest the amounts transferred pursu- ant to paragraph (2) in securities with maturities suitable for the needs of the Trust, bearing interest rates at rates determined by the trustee or trustees, taking into consideration average market yields on outstanding marketable obligations of the United States of com- parable maturities. The income from such investments shall be credited to, and form a part of the Trust. "(b) The Trust shall be administered in accordance with such terms and conditions as are prescribed by the Secretary, and as set forth in the Trust instrument. In establishing such terms and conditions, the Secretary shall consult with the Natives of the Pribilof Islands, and other interested parties concerning the conser- vation, management and protection of the fur seal population. "(c) There may be one Trust instrument establishing the Trust described in section 206(a), or two such instuments, each relating to one of the two portions of the Trust as provided in subsection (d), which shall address, but need not be limited to, such matters as— "(1) establishing standards and procedures for the disburse- ment by the trustee or trustees of Trust assets for purposes of fostering in the Pribilof Islands a stable, diversified, and endur- ing economy not dependent upon sealing after Federal manage- ment of the islands is terminated, which procedures may include formal participation of Pribilof Islands Native councils, corporations, or other such entities; (2) establishing the Secretary as trustor; "(3) establishing the procedure for appointment of the trustee or trustees by the Secretary after consultation with the Natives of the Pribilof Islands; "(4) setting forth the rights, duties, powers and obligations of a trustee who shall act as an independent fiduciary and who shall be a United States citizen having recognized competence in business; "(5) providing for the management and investment of Trust assets, pending distribution, by an investment manager or advi- sor, who may be the trustee, having recognized competence in such fields; "(6) establishing methods and procedures for providing Con- gress and the Secretary with the annual reports described in subsection (g) of this section; "(7) establishing Trust purposes in accordance with the pur- poses described in section 201 of this Act and subsection (a) of this section; "(8) the duties of the trustee or trustees and the standards of care and diligence that shall govern the exercise of trust powers thereunder; "(9) compensation of the trustee or trustees; "(10) the term, termination and final distribution of the Trust estate; " (11) mandating the applicability of the laws of the State of Alaska to the creation and governance of the Trust; "(12) defrajring of community expenses; and Investments. Terms and conditions. Instruments establishing Trust.
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