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15 USC CHAPTER 13 - TEXTILE FOUNDATION 01/06/03

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TITLE 15 - COMMERCE AND TRADE

CHAPTER 13 - TEXTILE FOUNDATION

.

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CHAPTER 13 - TEXTILE FOUNDATION

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Sec.

501. Creation of body corporate; directors; principal office;

agencies.

502. Board of directors of Textile Foundation.

(a) Composition.

(b) Term of successor; vacancies.

(c) Compensation; reimbursement for expenses.

(d) Prohibitions against holding two or more offices

inapplicable.

(e) Election of chairman.

(f) Board to direct corporation.

503. Purpose of Foundation.

(a) Scientific and economic research.

(b) Payment by Textile Alliance, Incorporated.

504. Powers of Foundation.

505. Report to Congress.

506. Amendment and repeal of chapter.

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15 USC Sec. 501 01/06/03

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TITLE 15 - COMMERCE AND TRADE

CHAPTER 13 - TEXTILE FOUNDATION

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Sec. 501. Creation of body corporate; directors; principal office;

agencies

-STATUTE-

The Secretary of Commerce, the Secretary of Agriculture, and

three directors first appointed as provided in section 502 of this

title and their successors, are created a body corporate of the

District of Columbia by the name of the ''Textile Foundation'' (in

this chapter referred to as the corporation). The incorporation

shall be held effected upon the date of the first meeting of the

board of directors. The corporation shall maintain its principal

office in the District of Columbia and may establish such agencies

or branch offices at such places as it deems advisable.

-SOURCE-

(June 10, 1930, ch. 440, Sec. 1, 46 Stat. 539.)

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15 USC Sec. 502 01/06/03

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TITLE 15 - COMMERCE AND TRADE

CHAPTER 13 - TEXTILE FOUNDATION

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Sec. 502. Board of directors of Textile Foundation

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(a) Composition

The board of directors of the corporation (in this chapter

referred to as the board) shall be constituted as follows:

(1) The Secretary of Commerce;

(2) The Secretary of Agriculture; and

(3) Three individuals, familiar with the textile industry or

its allied branches, including that of production of raw

materials, and their successors, to be appointed by the

President, one for a term of two years, one for a term of three

years, and one for a term of four years, from the date the

incorporation is effected.

(b) Term of successor; vacancies

Each successor shall be appointed for a term of four years from

the date of the expiration of the term of the member whom he

succeeds, except that any successor appointed to fill a vacancy

occurring prior to the expiration of the term shall be appointed

only for the unexpired term of the member whom he succeeds. A

vacancy in the office of a director shall not impair the power of

the remaining directors to execute the functions of the board. A

majority of the directors shall constitute a quorum for the

transaction of the business of the board.

(c) Compensation; reimbursement for expenses

The members of the board shall serve without compensation for

their services as such members, but they shall be reimbursed from

the corporation for actual expenses incurred by them while in the

performance of the functions vested in the board by this chapter.

(d) Prohibitions against holding two or more offices inapplicable

Any officer or employee of the United States, or of any

corporation acting as a governmental agent of the United States,

may, in addition to his present office, hold the office of director

of the Textile Foundation without regard to any provision of law

prohibiting the holding of more than one office.

(e) Election of chairman

The board at its first meeting and at each annual meeting

thereafter shall elect a chairman.

(f) Board to direct corporation

The board shall direct the exercise of all the powers of the

corporation.

-SOURCE-

(June 10, 1930, ch. 440, Sec. 2, 46 Stat. 539.)

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SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in section 501 of this title.

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15 USC Sec. 503 01/06/03

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TITLE 15 - COMMERCE AND TRADE

CHAPTER 13 - TEXTILE FOUNDATION

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Sec. 503. Purpose of Foundation

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(a) Scientific and economic research

The purposes of the corporation shall be to administer and expend

its funds and other property for scientific and economic research

for the benefit and development of the textile industry, its allied

branches, and including that of production of raw materials.

(b) Payment by Textile Alliance, Incorporated

The Textile Alliance, Incorporated, is authorized to pay to the

corporation the amounts payable in accordance with the arrangement

between the Textile Alliance, Incorporated, and the Department of

State, in lieu of paying such amounts into the United States

Treasury; except that any amounts payable in accordance with such

arrangement, and paid into the United States Treasury before June

10, 1930, are authorized to be appropriated to the credit of the

corporation. Upon the receipt by the corporation of such amounts

the liability of the Textile Alliance, Incorporated, under such

arrangement shall be extinguished.

-SOURCE-

(June 10, 1930, ch. 440, Sec. 3, 46 Stat. 539.)

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15 USC Sec. 504 01/06/03

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TITLE 15 - COMMERCE AND TRADE

CHAPTER 13 - TEXTILE FOUNDATION

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Sec. 504. Powers of Foundation

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The corporation -

(a) Shall have perpetual succession;

(b) May sue and be sued;

(c) May adopt a corporate seal and alter it at pleasure;

(d) May adopt and alter bylaws;

(e) May appoint officers and agents;

(f) May acquire by purchase, devise, bequest, gift, or otherwise,

and hold, encumber, convey, or otherwise dispose of, such real and

personal property as may be necessary or appropriate for its

corporate purposes;

(g) May invest and reinvest the principal and interest of its

funds; and

(h) Generally, may do any and all lawful acts necessary or

appropriate to carry out the purposes for which the corporation is

created.

-SOURCE-

(June 10, 1930, ch. 440, Sec. 4, 46 Stat. 540.)

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15 USC Sec. 505 01/06/03

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TITLE 15 - COMMERCE AND TRADE

CHAPTER 13 - TEXTILE FOUNDATION

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Sec. 505. Report to Congress

-STATUTE-

The corporation shall, on or before the 1st day of December in

each year, transmit to Congress and to the President a report of

its proceedings and activities for the preceding calendar year,

including a detailed statement of its receipts and expenditures.

Such reports shall not be printed as public documents.

-SOURCE-

(June 10, 1930, ch. 440, Sec. 5, 46 Stat. 540.)

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15 USC Sec. 506 01/06/03

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TITLE 15 - COMMERCE AND TRADE

CHAPTER 13 - TEXTILE FOUNDATION

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Sec. 506. Amendment and repeal of chapter

-STATUTE-

The right to alter, amend, or repeal this chapter is expressly

reserved.

-SOURCE-

(June 10, 1930, ch. 440, Sec. 6, 46 Stat. 540.)

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