
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 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.)
