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Title 15, Commerce and TradeRelease 119-110

§503 Purpose of Foundation

Title 15 › CHAPTER 13 — TEXTILE FOUNDATION › § 503

Last updated Sep 22, 2026|Official source

Summary

Use its money and property to pay for scientific and economic research that helps the textile industry, its related branches, and the production of raw materials. The Textile Alliance, Incorporated may pay the amounts it owes under its agreement with the Department of State directly to the corporation instead of sending them to the U.S. Treasury. Amounts already paid into the Treasury before June 10, 1930, may be credited to the corporation. Once the corporation receives those payments, the Textile Alliance is no longer responsible for them.

Full Legal Text

Title 15, §503

Commerce and Trade, Source: USLM XML via OLRC

(a)Scientific and economic research
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)Payment by Textile Alliance, Incorporated
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

Sep 22, 2026

Release point: 119-110