Chapter 440. To create a body corporate by the name of the “Textile Foundation.” June 10, 1930.[[H
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CHAP. 440.— An Act To create a body corporate by the name of the “Textile Foundation.” June 10, 1930.[[H. R. 9557](/us/bill/71/hr/9557).][[Public, No. 329](/us/pl/71/329).] *Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled*, That the SecretaryDistrict of Columbia.Textile Foundation.Incorporation.Members constituting. of Commerce, the Secretary of Agriculture, and three directors first appointed as provided in section 2 and their successors, are hereby created a body corporate of the District of Columbia by the name of the “Textile Foundation” (hereinafter referred to as the corporation).
The incorporation shall be held effected upon the date of the first meeting of the board of directors. The corporationPrincipal office in District of Columbia. shall maintain its principal office in the District of Columbia and may establish such agencies or branch offices at such places as it deems advisable. Sec. 2.
(a)The board of directors of the corporation (hereinafterBoard of directors. referred to as the board) shall be constituted as follows:
(1)The Secretary of Commerce;Secretary of Commerce.
(2)The Secretary of Agriculture; andSecretary Of Agriculture.
(3)Three individuals, familiar with the textile industry or itsThree persons familiar with textile industry, appointed by the President.Terms. allied branches, including that of production of raw materials, and their successors, to be appointed by the President, one for a term of two years, one for a term of three years, and one for a term of four years, from the date the incorporation is effected.
(b)Each successor shall be appointed for a term of four yearsSuccessors to appointees. from the date of the expiration of the term of the member whom he succeeds, except that any successor appointed to fill a vacancy occurring prior to the expiration of the term shall be appointed only for the unexpired term of the member whom he succeeds. A vacancy in the office of a director shall not impair the power of the remaining directors to execute the functions of the board. A majority of the directors shall constitute a quorum for the transaction of the business of the board.
(c)The members of the board shall serve without compensationNo compensation for services, but expenses reimbursed. for their services as such members, but they shall be reimbursed from the corporation for actual expenses incurred by them while in the performance of the functions vested in the board by this Act.
(d)Any officer or employee of the United States, or of any corporationGovernment officers, etc., may serve as directors. acting as a governmental agent of the United States, may, in addition to his present office, hold the office of director of the Textile Foundation without regard to any provision of law prohibiting the holding of more than one office.
(e)The board at its first meeting and at each annual meetingChairman. thereafter shall elect a chairman.
(f)The board shall direct the exercise of all the powers of theCorporate powers. corporation. Sec. 3.
(a)The purposes of the corporation shall be to administerAdministration of funds for scientific research of textile industry, etc. 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)The Textile Alliance, Incorporated, is hereby authorized toPayment to, of amounts payable from Textile Alliance, Incorporated, in lieu of into the Treasury. 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 TreasuryFormer payments credited to corporation. before the enactment of this Act, are authorized to be appropriated to the credit of the corporation. Upon the receipt by the corporationLiability extinguished thereupon. of such amounts the liability of the Textile Alliance, Incorporated, under such arrangement shall be extinguished. 540 Sec. 4. Corporate powers specified. The corporation—
(a)Shall have perpetual succession;
(b)May sue and be sued;
(c)May adopt a corporate seal and alter it at pleasure;
(d)May adopt and alter by-laws;
(e)May appoint officers and agents;
(f)May acquire by purchase, devise, bequest, gift, or otherwise, and hold, encumber, convey, or otherwise dispose of, such real and personal property as may be necessary or appropriate for its corporate purposes;
(g)May invest and reinvest the principal and interest of its funds; and
(h)Generally, may do any and all lawful acts necessary or appropriate to carry out the purposes for which the corporation is created. Sec. 5. Annual reports of proceedings, etc., not printed as public documents. The corporation shall, on or before the 1st day of December in each year, transmit to Congress and to the President a report of its proceedings and activities for the preceding calendar year, including a detailed statement of its receipts and expenditures. Such reports shall not be printed as public documents. Sec. 6. Amendment, etc. The right to alter, amend, or repeal this Act is hereby expressly reserved. Approved, June 10, 1930.