48 U.S.C. § 265

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- Trust Fund“(a) The Government of the United States shall contribute the amounts set forth in section 266 to the Trust Fund to be used in accordance with the Agreement Between the Government of the United States of America and the Government of the Republic of the Marshall Islands Regarding the Compact Trust Fund, done at Honolulu on October 16, 2023 (‘2023 Trust Fund Agreement’).“(b) Upon its entry into force, the 2023 Trust Fund Agreement, or any successor agreement, shall govern the Trust Fund and all contributions made pursuant to this Title and shall provide for:“(1) Exemption from federal and state taxes in the United States and the Republic of the Marshall Island$ of all funds derived from the United States investment;“(2) Annual reports to the Government of the United States and the Government of the Republic of the Marshall Islands;“(3) Distributions from the Trust Fund to provide the Government of the Republic of the Marshall Islands with sources of revenue to help meet needs of people in the Republic of the Marshall Islands;“(4) Fiscal procedures that are sufficient to provide oversight of the Trust Fund, including for expending of and accounting for distributions, and to ensure that distributions are used for the purposes described in the 2023 Trust Fund Agreement;“(5) A Trust Fund Committee composed of three voting members appointed by the Government of the United States, to include the chair of the Trust Fund Committee, two voting members appointed by the Government of the Republic of the Marshall Islands, and one voting member appointed by Taiwan; and“(6) Appropriate remedies for the gross failure of the Government of the Republic of the Marshall Islands to use Trust Fund distributions in accordance with the 2023 Trust Fund Agreement, to include the return to the Government of the United States of the present market value of its contributions to the Trust Fund and the present market value of any undistributed income derived therefrom.“(c) If this Compact, as amended, is terminated, the provisions of sections 451 through 453 of this Compact, as amended, shall govern the treatment of any United States contributions to the Trust Fund and any undistributed income derived therefrom.