Sec. 5. Powers and obligations
499 words·~2 min read·
/bill/115/hr/1668/ih/section-5A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The Foundation— shall have perpetual succession; and may conduct business throughout the several States, territories, and possessions of the United States. The Foundation shall at all times maintain a designated agent in the District of Columbia authorized to accept service of process for the Foundation. The serving of notice to, or service of process upon, the agent required under this subsection, or mailed to the business address of such agent, shall be treated as service upon or notice to the Foundation.
The Foundation shall have an official seal selected by the Board, which shall be judicially noticed. In addition to powers otherwise authorized under this Act, to carry out its purposes the Foundation shall have the usual powers of a not-for-profit corporation in the District of Columbia, including the power to— accept, receive, solicit, hold, administer, and use any gift, devise, or bequest, either absolutely or in trust, of real or personal property or any income therefrom or other interest therein; acquire by donation, gift, devise, purchase, or exchange, and dispose of, any real or personal property or interest therein; sell, donate, lease, invest, reinvest, retain, or otherwise dispose of any property or income therefrom unless limited by the instrument of transfer; accept, receive, solicit, hold, administer, and use any gift, devise, or bequest, at the request of the donor thereof, strictly and exclusively for any purpose set forth in section 2(b), including for reasonable administrative expenses related to actions to carry out the bequest; borrow money and issue bonds, debentures, or other debt instruments; 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; 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 do any and all acts necessary and proper to carry out the purposes of the Foundation.
A gift, devise, or bequest of real property 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. The Foundation may, in its discretion, decline any gift, devise, or bequest of real or personal property. For the purposes of this Act, an interest in real property shall be treated as including mineral and water rights, rights-of-way, and easements, appurtenant or in gross.
No lands or waters, or interests therein, that are owned by the Foundation shall be subject to condemnation by any State or political subdivision, or any agent of instrumentality thereof. The Foundation may not use any funds to purchase real property, unless such property is to be used by the Foundation for administrative or other support purposes or is an easement for right-of-way access necessary to utilize, manage, or otherwise dispose of any bequest or gift of real property to the Foundation.