§4 POWERS AND DUTIES OF THE FOUNDATION.

Summary

The Foundation must exist indefinitely and can do business in all States, territories, and possessions of the United States. Its main office must be in or near Washington, D.C., and it must always have a named agent who can accept legal papers. The Board chooses an official seal (to be used as allowed under section 5). The Board must formally register the Foundation in the District of Columbia and set rules and bylaws so the Foundation keeps its status under 26 U.S.C. 501(c)(3). Working with the Office of the President’s Council on Fitness, Sports, and Nutrition, the Foundation may run or fund activities by carrying them out directly or by giving contracts or grants to others to meet the goals in section 2. For this law, an interest in real property includes easements or other rights to preserve or protect natural, scenic, historic, scientific, educational, inspirational, or recreational resources. The Foundation may accept gifts, wills, or bequests even if they are encumbered, restricted, or have private interests, as long as some current or future interest benefits the Foundation.