§ 503. — Purpose of Foundation.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 15USC503]
TITLE 15--COMMERCE AND TRADE
CHAPTER 13--TEXTILE FOUNDATION
Sec. 503. Purpose of Foundation
(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.
(June 10, 1930, ch. 440, Sec. 3, 46 Stat. 539.)
