Be it enacted by the Senate and House of Representatives of the State of Delaware in General Assembly met:
Section 1. To prevent the further loss of part of our National heritage and culture through the deterioration or neglect of historic buildings, sites or objects within the State, the Public Archives Commission is hereby empowered to survey, examine, select for preservation, acquire, repair, restore, operate and make available for public visitation and use such historic buildings, sites or objects as it may deem worthy of preservation in the best public interest for the fulfillment of this Act.
Section 2. The said Public Archives Commission shall have the authority to acquire by gift, devise, purchase, or otherwise, absolutely or in trust, and to hold and, unless otherwise restricted by the terms of the gift or devise, to encumber, convey or otherwise dispose of any real property, or any estate or interest therein as may be necessary in carrying into effect the purposes of this Act.
Section 3. The authority is granted to the Public Archives Commission to enter into contracts and to execute all instruments necessary to fulfill its duties respecting the protection, preservation, maintenance, or operation of such historic buildings, sites or objects it may select.
Section 4. The aforesaid Public Archives Commission shall appoint and prescribe the duties of such employees or agents as may be necessary to carry out its functions, and to fix their rate of compensation.
Section 5. A Trust Fund is hereby established under the jurisdiction of the Public Archives Commission subject to audit by the Permanent Budget Commission, the State Auditor or their authorized agents, to accept, hold and administer gifts and bequests of money, securities, or other personal property of whatsoever character, absolutely or on trust. Unless otherwise restricted by the terms of the gift or bequest, the Public Archives Commission is authorized to sell, exchange or otherwise dispose of and to 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. 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 with the State Treasurer in the Farmers Bank of the State of Delaware. When the principal and accrued interest of said Trust Fund shall have accumulated sufficiently, in the judgment of the Public Archives Commission to undertake the preservation of an historic building, site or object the accrued funds, principal and interest may be expended for that purpose.
Section 6. The right to repeal, alter or amend this Act at any time is hereby expressly reserved, but no contract or individual right made or acquired shall thereby be divested or impaired.