§10604 Corporate Powers and Obligations of the Foundation

Summary

Gives the Foundation the power to do business in other countries. It must keep its main offices in the Washington, DC, metropolitan area and must always have a designated agent in Washington, DC who can accept legal papers or notices for the Foundation. Serving or mailing papers to that agent’s business address counts as serving the Foundation. The Foundation must be open to audit by the Comptroller General of the United States under section 3523 of title 31. To carry out the purposes in section 10602(b), the Foundation has the usual powers of a corporation based in Washington, DC. That covers six main powers, including accepting gifts and property, acquiring property in the United States, and, unless a transfer rule says otherwise, selling, leasing, investing, or disposing of property and income. It can sue and defend itself (board members are not personally liable except for gross negligence), make contracts and payments with public agencies and private groups, and award grants for eligible projects under section 10606. The United States is not responsible for the Foundation’s debts, defaults, acts, or omissions, and the federal government must be held harmless from any court-ordered damages against the Foundation.