§ 290h-4. — Powers 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: 22USC290h-4]
TITLE 22--FOREIGN RELATIONS AND INTERCOURSE
CHAPTER 7--INTERNATIONAL BUREAUS, CONGRESSES, ETC.
SUBCHAPTER XXIII--AFRICAN DEVELOPMENT FOUNDATION
Sec. 290h-4. Powers of Foundation
(a) General provisions
The Foundation, as a corporation--
(1) shall have perpetual succession unless dissolved by an Act
of Congress;
(2) may sue and be sued, complain, and defend, in its corporate
name in any court of competent jurisdiction;
(3) may adopt, alter, and use a seal, which shall be judicially
noticed;
(4) may prescribe, amend, and repeal such rules and regulations
as may be necessary for carrying out the functions of the
Foundation;
(5) may make and perform such contracts and other agreements
with any individual, corporation, or other private or public entity
however designated and wherever situated, as may be necessary for
carrying out the functions of the Foundation;
(6) may determine and prescribe the manner in which its
obligations shall be incurred and its expenses allowed and paid,
including expenses for representation not exceeding $10,000 in any
fiscal year;
(7) may, as necessary for carrying out the functions of the
Foundation, employ and fix the compensation of not to exceed the
following number of persons at any one time: 25 during the fiscal
year 1981, 50 during the fiscal year 1982, and 75 thereafter;
(8) may lease, purchase, or otherwise acquire, own, hold,
improve, use, or otherwise deal in and with such property (real,
personal, or mixed) or any interest therein, wherever situated, as
may be necessary for carrying out the functions of the Foundation;
(9) may accept gifts or donations of services or of property
(real, personal, or mixed), tangible or intangible, in furtherance
of the purposes of this subchapter;
(10) may use the United States mails in the same manner and on
the same conditions as the executive departments of the Government;
(11) may, with the consent of any agency of the United States,
use the information, services, facilities, and personnel of that
agency in carrying out the purposes of this subchapter; and
(12) shall have such other powers as may be necessary and
incident to carrying out this subchapter.
(b) Nonprofit entity; restriction on use of moneys; conflict of
interests
The Foundation shall be a nonprofit corporation and shall have no
capital stock. No part of its revenue, earnings, or other income or
property shall inure to the benefit of any of its directors, officers,
or employees, and such revenue, earnings, or other income or property
shall only be used for carrying out the purposes of this subchapter. No
director, officer, or employee of the corporation shall in any manner
directly or indirectly participate in the deliberation upon or the
determination of any question affecting his or her personal interests or
the interests of any corporation, partnership, or organization in which
he or she is directly or indirectly interested.
(c) Tax exemption
The Foundation, including its franchise and income, shall be exempt
from taxation now or hereafter imposed by the United States, by any
territory or possession of the United States, or by any State, county,
municipality, or local taxing authority.
(d) Termination of Foundation and liquidation of assets
Upon termination of the corporate life of the Foundation its assets
shall be liquidated and, unless otherwise provided by Congress, shall be
transferred to the United States Treasury as the property of the United
States.
(Pub. L. 96-533, title V, Sec. 506, Dec. 16, 1980, 94 Stat. 3153.)
