§583j–2 Corporate powers and obligations

Summary

Creates a permanent foundation that can operate across the United States and in other countries. It must keep its main offices in the Washington, D.C. metro area and always have a named agent in the District of Columbia who can accept legal papers. If that agent is served or mailed papers, the Foundation is treated as having been served. The Board chooses an official seal that courts will recognize. The Foundation has normal corporate powers in D.C.: it can accept gifts, acquire and manage property, sell or lease property, invest, borrow money and issue debt, sue and be sued (the Board’s directors are not personally liable except for gross negligence), make contracts with public and private groups, and do other acts needed to carry out its work. The Foundation may own land, water, and related interests (including mineral and water rights, rights of way, and easements) and can accept gifts even if they have limits or other people’s interests, if those interests benefit the Foundation now or later. Land or water the Foundation owns that the Chief of the United States Forest Service finds valuable for the Foundation’s purposes cannot be condemned by a State or its subdivisions. The Foundation, its income, property, and related transactions are exempt from federal, state, and local taxes. Gifts to the Foundation are treated as donations to an organization exempt under section 501(c)(3) of title 26.