1. U.S. Code
  2. title 15
  3. chapter 13
  4. § 501

Collapse to view only § 501. Creation of body corporate; directors; principal office; agencies

§ 501. Creation of body corporate; directors; principal office; agencies

The Secretary of Commerce, the Secretary of Agriculture, and three directors first appointed as provided in section 502 of this title and their successors, are created a body corporate of the District of Columbia by the name of the “Textile Foundation” (in this chapter referred to as the corporation). The incorporation shall be held effected upon the date of the first meeting of the board of directors. The corporation 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.

(June 10, 1930, ch. 440, § 1, 46 Stat. 539.)

CITE AS: 15 USC 501

§ 502. Board of directors of Textile Foundation
(a) Composition
The board of directors of the corporation (in this chapter referred to as the board) shall be constituted as follows:
(1) The Secretary of Commerce;
(2) The Secretary of Agriculture; and
(3) Three individuals, familiar with the textile industry or its 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) Term of successor; vacancies
(c) Compensation; reimbursement for expenses
(d) Prohibitions against holding two or more offices inapplicable
(e) Election of chairman
(f) Board to direct corporation
(June 10, 1930, ch. 440, § 2, 46 Stat. 539.)

CITE AS: 15 USC 502

§ 503. Purpose of Foundation
(a) Scientific and economic research
(b) Payment by Textile Alliance, Incorporated
(June 10, 1930, ch. 440, § 3, 46 Stat. 539.)

CITE AS: 15 USC 503

§ 504. Powers of Foundation
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 bylaws;
(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.
(June 10, 1930, ch. 440, § 4, 46 Stat. 540.)

CITE AS: 15 USC 504

§ 505. Report to Congress

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.

(June 10, 1930, ch. 440, § 5,

CITE AS: 15 USC 505

§ 506. Amendment and repeal of chapter

The right to alter, amend, or repeal this chapter is expressly reserved.

(June 10, 1930, ch. 440, § 6, 46 Stat. 540.)

CITE AS: 15 USC 506