§4414 — Title 20 Education | U.S. Code

Summary

Gives the Institute’s Board many powers to run the Institute and carry out the chapter. The Board can make and change a corporate seal. It can make contracts and pay people, tribes, and public or private groups, including advance payments, without regard to section 3324 of title 31. It can enter joint development ventures with public or private partners when those ventures help the Institute’s mission, even if other laws say otherwise. The Board can sue and be sued in its corporate name and hire lawyers. With an agency’s approval, it can use other federal services, facilities, or property and pay for them. The Board can use the U.S. mail, hire experts and consultants, accept volunteer help and reimburse travel under section 5703 of title 5, take gifts and grants, make agreements with governments and others, own and manage real and personal property, get insurance, and do other lawful things needed to run the Institute. Each year it may put up to 10 percent of funds appropriated under section 4451 into short-term investments to improve yield and liquidity, without regard to other laws about investing federal funds. Any non-Federal money must be kept separate from Federal funds. Interest and earnings on amounts received under section 4451 that are invested under subsection (a)(12) belong to the Institute and must be spent to carry out the chapter. The Board must use a reasonable and careful standard when making those investment decisions based on the information available at the time.

Title 20, §4414

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(a)In carrying out the provisions of this chapter, the Board shall have the power, consistent with the provisions of this chapter—

(1)to adopt, use, and alter a corporate seal;

(2)to make agreements and contracts with persons, Indian tribes, and private or governmental entities and to make payments or advance payments under such agreements or contract 11 So in original. Probably should be “contracts”. without regard to section 3324 of title 31;

(3)any other provision of law to the contrary notwithstanding, to enter into joint development ventures with public or private commercial or noncommercial entities for development of facilities to meet the plan required under section 4426 of this title, if the ventures are related to and further the mission of the Institute;

(4)to sue and be sued in its corporate name and to complain and defend in any court of competent jurisdiction;

(5)to represent itself, or to contract for representation, in all judicial, legal, and other proceedings;

(6)with the approval of the agency concerned, to make use of services, facilities, and property of any board, commission, independent establishment, or executive agency or department of the executive branch in carrying out the provisions of this chapter and to pay for such use (such payments to be credited to the applicable appropriation that incurred the expense);

(7)to use the United States mails on the same terms and conditions as the executive departments of the United States Government;

(8)to obtain the services of experts and consultants in accordance with the provisions of section 3109 of title 5 and to accept and utilize the services of voluntary and noncompensated personnel and reimburse them for travel expenses, including per diem, as authorized by section 5703 of title 5;

(9)to solicit, accept, and dispose of gifts, bequests, devises of money, securities, and other properties of whatever character, for the benefit of the Institute;

(10)to receive grants from, and enter into contracts and other arrangements with, Federal, State, or local governments, public and private agencies, organizations, institutions, and individuals;

(11)to acquire, hold, maintain, use, operate, and dispose of such real property, including improvements thereon, personal property, equipment, and other items, as may be necessary to enable the Board to carry out the purpose of this chapter;

(12)to the extent not already provided by law, to obtain insurance to cover all activities of the Institute, including coverage relating to property and liability, or make other provisions against losses;

(13)to use any funds or property received by the Institute to carry out the purpose of this chapter, including the authority to designate on an annual basis a portion, not to exceed 10 percent, of the funds appropriated pursuant to section 4451 of this title for investment, without regard to any other provision of law regarding investment or disposition of federally appropriated funds, on a short-term basis for the purpose of maximizing yield and liquidity of such funds; and

(14)to exercise all other lawful powers necessarily or reasonably related to the establishment of the Institute in order to carry out the provisions of this chapter and the exercise of the powers, purposes, functions, duties, and authorized activities of the Institute.

(b)Any funds received by, or under the control of, the Institute that are not Federal funds shall be accounted for separately from Federal funds.

(c)Interest and earnings on amounts received by the Institute pursuant to section 4451 of this title invested under subsection (a)(12) 22 See References in Text note below. shall be the property of the Institute and shall be expended to carry out this chapter. The Board shall be held to a reasonable and prudent standard of care, given such information and circumstances as existed when the decision is made, in decisions involving investment of funds under subsection (a)(12).2

Notes & Related Subsidiaries

Editorial Notes

References in Text

Subsection (a)(12), referred to in subsec. (c), was redesignated subsec. (a)(13) of this section, repealed, and a new subsec. (a)(13) added by Pub. L. 102–325, title XIII, § 1331(b)(1)(A), (C), July 23, 1992, 106 Stat. 806, and former subsec. (a)(11) of this section was redesignated subsec. (a)(12).

Amendments

1993—Subsec. (a)(12). Pub. L. 103–208 substituted semicolon for period at end. 1992—Subsec. (a)(2). Pub. L. 102–325, § 1331(b)(1)(B), added par. (2) and struck out former par. (2) which read as follows: “to make agreements and contracts with persons, Indian tribes, and private or governmental entities and to make payments or advance payments under such agreements or contracts without regard to section 3324 of title 31;”. Subsec. (a)(3) to (12). Pub. L. 102–325, § 1331(b)(1)(A), (B), added par. (3) and redesignated former pars. (3) to (11) as (4) to (12), respectively. Former par. (12) redesignated (13). Subsec. (a)(13). Pub. L. 102–325, § 1331(b)(1)(C), added par. (13) and struck out former par. (13) which read as follows: “to use any funds or property received by the Institute to carry out the purpose of this chapter; and”. Pub. L. 102–325, § 1331(b)(1)(A), redesignated par. (12) as (13). Former par. (13) redesignated (14). Subsec. (14). Pub. L. 102–325, § 1331(b)(1)(A), redesignated par. (13) as (14). Subsec. (c). Pub. L. 102–325, § 1331(b)(2), substituted “shall be expended” for “may be expended”. 1990—Subsec. (a)(11). Pub. L. 101–644, § 501(b), amended par. (11) generally. Prior to amendment, par. (11) read as follows: “to obtain insurance or make other provisions against losses;”. Subsec. (c). Pub. L. 101–644, § 501(a), added subsec. (c). 1988—Pub. L. 100–297 designated existing provisions as subsec. (a), inserted heading, and added subsec. (b).

Statutory Notes and Related Subsidiaries

Effective Date

of 1993 AmendmentAmendment by Pub. L. 103–208 effective as if included in the Higher Education

Amendments

of 1992, Pub. L. 102–325, except as otherwise provided, see section 5(a) of Pub. L. 103–208, set out as a note under section 1051 of this title.

Effective Date

of 1992 AmendmentAmendment by Pub. L. 102–325 effective Oct. 1, 1992, see section 2 of Pub. L. 102–325, set out as a note under section 1001 of this title.

Effective Date

of 1988 AmendmentFor

Effective Date

and applicability of amendment by Pub. L. 100–297, see section 6303 of Pub. L. 100–297, set out as a note under section 1071 of this title.

§4414 General Powers of Board

Summary

Title 20, §4414

Notes & Related Subsidiaries

Editorial Notes

References in Text

Amendments

Statutory Notes and Related Subsidiaries

Effective Date

Amendments

Effective Date

Effective Date

Effective Date

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