Collapse to view only § 504. Powers of Foundation
- § 501. Creation of body corporate; directors; principal office; agencies
- § 502. Board of directors of Textile Foundation
- § 503. Purpose of Foundation
- § 504. Powers of Foundation
- § 505. Report to Congress
- § 506. Amendment and repeal of chapter
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.
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.
The right to alter, amend, or repeal this chapter is expressly reserved.