Page:United States Statutes at Large Volume 100 Part 1.djvu/461

 PUBLIC LAW 99-294—MAY 12, 1986

100 STAT. 425

"(4) The total Federal contribution pursuant to this Act shall not exceed $12,000,000. "(b) STRUCTURE OF THE TRUST.—A Wetlands Trust shall be eligible to receive Federal contributions pursuant to subsection (a) if it complies with each of the following requirements: "(1) The Trust is established by non-Federal interests as a non-profit corporation under the laws of North Dakota with its principal office in North Dakota. "(2) The Trust is under the direction of a Board of Directors which has the power to manage all affairs of the corporation, including administration, data collection, and implementation of the purposes of the Trust. "(3) The Board of Directors of the Trust is comprised of 6 persons appointed as follows, each for a term of 2 years: "(A) 3 persons appointed by the Governor of North Dakota. "(B) 1 person appointed by the National Audubon Society. E" "(C) 1 person appointed by the National Wildlife Federation. "(D) 1 person appointed by the North Dakota Chapter of the Wildlife Society. Vacancies on the board are filled in the manner in which the original appointments were made. Any member of the Board of Directors is eligible for reappointment for successive terms. Any member appointed to fill a vacancy occurring before the expiration of the term for which his or her predecessor was appointed is appointed only for the remainder of such term. A member may serve after the expiration of his or her term until his or her successor has taken office. "(4) Members of the Board of Directors serve without compensation. "(5) The corporate purposes of the Trust are to preserve, enhance, restore, and manage wetland and associated wildlife habitat in the State of North Dakota. "(c) OPERATIONS OF THE TRUST.—A Wetland Trust established by non-Federal interests as provided in subsection (b) shall be deemed to be operating in accordance with this subsection if, in the opinion of the Secretary, each of the following requirements are met: "(1) The Trust is operated to preserve, enhance, restore, and manage wetlands and associated wildlife habitat in the State of North Dakota in accordance with its corporate purpose as provided in subsection (b)(5). "(2) Pursuant to its corporate charter, the Trust has the authority to exercise each of the following powers: "(A) The power to acquire lands and interests in land and power to acquire water rights. Lands or interests in lands may be acquired by the Trust only with the consent of the owner thereof and with the approval of the Governor of North Dakota. "(B) The power to finance wetland preservation, enhancement, restoration, and management or wetland habitat programs. "(3) All funds received by the Trust under subsection (a) are invested in accordance with the requirements of subsection (d). No part of the principal amount of such funds may be expended for any purpose. The income received by the Trust from the investment of such funds shall be used by the Trust exclusively

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