Page:United States Statutes at Large Volume 110 Part 1.djvu/1037

 PUBLIC LAW 104-127 —APR. 4, 1996 110 STAT. 1013 shall serve, at the direction of the Board, as the chief operating officer of the Foundation. (C) QUALIFICATIONS.—The Executive Director shall be knowledgeable and experienced in matters relating to natural resources conservation. SEC. 356. CORPORATE POWERS AND OBLIGATIONS OF THE FOUNDA- 16 USC 5805. TION. (a) IN GENERAL.— The Foundation— (1) may conduct business throughout the United States and the territories and possessions of the United States; and (2) shall at all times maintain a designated agent who is authorized to accept service of process for the Foundation, so that the serving of notice to, or service of process on, the agent, or mailed to the business address of the agent, shall be considered as service on or notice to the Foundation. (b) SEAL. —The Foundation shall have an official seal selected by the Board that shall be judicially noticed. (c) POWERS. —To carrj^ out the purposes of the Foundation under section 353(b), the Foundation shall have, in addition to the powers otherwise provided under this subtitle, the usual powers of a corporation, including the power— (1) to accept, receive, solicit, hold, administer, and use any gift, devise, or bequest, either absolutely or in trust, of real or personal property or any income from, or other interest in, the gift, devise, or bequest; (2) to acquire by purchase or exchange any real or personal property or interest in property, except that funds provided under section 360 may not be used to purchase an interest in real property; (3) unless otherwise required by instrument of transfer, to sell, donate, lease, invest, reinvest, retain, or otherwise dispose of any property or income from property; (4) to borrow money from private sources and issue bonds, debentures, or other debt instruments, subject to section 359, except that the aggregate amount of the borrowing and debt instruments outstanding at any time may not exceed $1,000,000; (5) to sue and be sued, and complain and defend itself, in any court of competent jurisdiction, except that a member of the Board shall not be personally liable for an action in the performance of services for the Board, except for gross negligence; (6) to enter into a contract or other agreement with an agency of State or local government, educational institution, or other private organization or person and to make such pay- ments as may be necessary to carry out the functions of the Foundation; and (7) to do any and all acts that are necessary to carry out the purposes of the Foundation. (d) INTERESTS IN PROPERTY.— (1) INTERESTS IN REAL PROPERTY.— The Foundation may acquire, hold, and dispose of lands, waters, or other interests in real property by donation, gift, devise, purchase, or exchange. An interest in real property shall be treated, among other things, as including an easement or other right for the preservation, conservation, protection, or enhancement of agricultural,

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