Title 15 — Commerce and TradeRelease 119-73
§503 Purpose of Foundation
Title 15 › Chapter CHAPTER 13— - TEXTILE FOUNDATION › § 503
Summary
Corporation must use its funds and property for scientific and economic research to help the textile industry, related fields, and raw materials. Under its State Department agreement, Textile Alliance may pay amounts to it instead of U.S. Treasury; amounts in the Treasury before June 10, 1930 may be credited and receipt ends the Alliance's obligation.
Full Legal Text
Title 15, §503
Commerce and Trade — Source: USLM XML via OLRC
(a)The purposes of the corporation shall be to administer 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 authorized to 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 Treasury before June 10, 1930, are authorized to be appropriated to the credit of the corporation. Upon the receipt by the corporation of such amounts the liability of the Textile Alliance, Incorporated, under such arrangement shall be extinguished.
Reference
Citations & Metadata
Citation
15 U.S.C. § 503
Title 15 — Commerce and Trade
Last Updated
Apr 6, 2026
Release point: 119-73