§ 583j-2. — Corporate powers and obligations.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 16USC583j-2]
TITLE 16--CONSERVATION
CHAPTER 3--FORESTS; FOREST SERVICE; REFORESTATION; MANAGEMENT
SUBCHAPTER V--FOREST FOUNDATION
Sec. 583j-2. Corporate powers and obligations
(a) In general
The Foundation--
(1) shall have perpetual succession;
(2) may conduct business throughout the several States,
territories, and possessions of the United States and in foreign
countries;
(3) shall have its principal offices in the Washington, D.C.
metropolitan area; and
(4) shall at all times maintain a designated agent in the
District of Columbia authorized to accept service of process for the
Foundation.
(b) Notice and service of process
The serving of notice to, or service of process upon, the agent
required under this paragraph,\1\ or mailed to the business address of
such agent, shall be deemed as service upon or notice to the Foundation.
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\1\ So in original. Probably should be ``this section,''.
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(c) Seal
The Foundation shall have an official seal selected by the Board
which shall be judicially noticed.
(d) Powers
To carry out its purposes, the Foundation shall have, in addition to
powers otherwise authorized under this subchapter, the usual powers of a
corporation in the District of Columbia, including the power to--
(1) 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 therefrom or other interest therein;
(2) acquire by donation, gift, devise, purchase or exchange any
real or personal property or interest therein;
(3) unless otherwise required by the instrument of transfer,
sell, donate, lease, invest, reinvest, retain or otherwise dispose
of any property or income therefrom;
(4) borrow money and issue bonds, debentures, or other debt
instruments;
(5) sue and be sued, and complain and defend itself in any court
of competent jurisdiction (except that the Directors of the Board
shall not be personally liable, except for gross negligence);
(6) 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 thereof; and
(7) do any and all acts necessary and proper to carry out the
purposes of the Foundation.
(e) Property
(1) The Foundation may acquire, hold and dispose of lands, waters,
or other interests in real property by donation, gift, devise, purchase
or exchange. For the purposes of this subchapter, an interest in real
property shall include, but not be limited to, mineral and water rights,
rights of way, and easements appurtenant or in gross. A gift, devise, or
bequest may be accepted by the Foundation even though it is encumbered,
restricted, or subject to beneficial interests of private persons if any
current or future interest therein is for the benefit of the Foundation.
(2) No lands or waters, or interests therein, that are owned by the
Foundation and are determined by the Chief of the United States Forest
Service to be valuable for purposes established in this subchapter shall
be subject to condemnation by any State or political subdivision, or any
agent or instrumentality thereof.
(3) The Foundation and any income or property received or owned by
it, and all transactions relating to such income or property, shall be
exempt from all Federal, State, and local taxation with respect thereto.
(4) Contributions, gifts, and other transfers made to or for the use
of the Foundation shall be treated as contributions, gifts, or transfers
to an organization exempt from taxation under section 501(c)(3) of title
26.
(Pub. L. 101-593, title IV, Sec. 404, Nov. 16, 1990, 104 Stat. 2971.)
