The Peace Palace was built in 1907 and lasted six years. In the process of building the Palace, it also received gifts from many countries, most of which were used for building and decorating the Palace. On August 28, 1913, the Peace Palace was officially put into use. Funds for the construction came mainly from American Carnegie's donation. The Palace of Peace was named to express its importance to the settlement of disputes and the maintenance of world peace. In 1946, the International Court of Justice held its first session. The International Court of Justice also serves as the judicial organ of the United Nations to settle disputes among its member States, and it is also the place where war crimes are tried. The Peace Palace is considered to be the capital of international law, where the International Court of Justice (the World Court), the Permanent International Arbitration Tribunal and the Hague Academy of International Law are located. The Peace Palace also has a very rich collection of Peace Palace libraries.