22 USC 10604 - Corporate powers and obligations of the Foundation

U.S Code last checked for updates: Apr 05, 2025

§ 10604.

Corporate powers and obligations of the Foundation

(a)

General authority

(1)

In general

The Foundation—

(A)

may conduct business in foreign countries;

(B)

shall have its principal offices in the Washington, DC, metropolitan area; and

(C)

shall continuously maintain a designated agent in Washington, DC, who is authorized to accept notice or service of process on behalf of the Foundation.

(2)

Notice and service of process

(3)

Audits

(b)

Authorities

In addition to powers explicitly authorized under this chapter, the Foundation, in order to carry out the purposes described in section 10602(b) of this title, shall have the usual powers of a corporation headquartered in Washington, DC, including the authority—

(1)

to accept, receive, solicit, hold, administer, and use any gift, devise, or bequest, either absolutely or in trust, or real or personal property or any income derived from such gift or property, or other interest in such gift or property located in the United States;

(2)

to acquire by donation, gift, devise, purchase, or exchange any real or personal property or interest in such property located in the United States;

(3)

unless otherwise required by the instrument of transfer, to sell, donate, lease, invest, reinvest, retain, or otherwise dispose of any property or income derived from such property located in the United States;

(4)

to complain and defend itself in any court of competent jurisdiction (except that the members of the Board shall not be personally liable, except for gross negligence);

(5)

to enter into contracts or other arrangements with public agencies, private organizations, and persons and to make such payments as may be necessary to carry out the purposes of such contracts or arrangements; and

(6)

to award grants for eligible projects, in accordance with section 10606 of this title.

(c)

Limitation of public liability

(Pub. L. 118–159, div. E, title LI, § 5104, Dec. 23, 2024, 138 Stat. 2416.)

cite as: 22 USC 10604