Page:United States Statutes at Large Volume 121.djvu/916

 PUBLIC LAW 110–85—SEPT. 27, 2007

121 STAT. 895

dkrause on GSDDPC44 with PUBLAW

the resulting vacancy shall be appointed for the remainder of the term of the predecessor of the individual. ‘‘(D) SERVING PAST TERM.—A member of the Board may continue to serve after the expiration of the term of the member until a successor is appointed. ‘‘(4) COMPENSATION.—Members of the Board may not receive compensation for service on the Board. Such members may be reimbursed for travel, subsistence, and other necessary expenses incurred in carrying out the duties of the Board, as set forth in the bylaws issued by the Board. ‘‘(e) INCORPORATION.—The ex officio members of the Board shall serve as incorporators and shall take whatever actions necessary to incorporate the Foundation. ‘‘(f) NONPROFIT STATUS.—In carrying out subsection (b), the Board shall establish such policies and bylaws under subsection (d), and the Executive Director shall carry out such activities under subsection (g), as may be necessary to ensure that the Foundation maintains status as an organization that— ‘‘(1) is described in subsection (c)(3) of section 501 of the Internal Revenue Code of 1986; and ‘‘(2) is, under subsection (a) of such section, exempt from taxation. ‘‘(g) EXECUTIVE DIRECTOR.— ‘‘(1) IN GENERAL.—The Board shall appoint an Executive Director who shall serve at the pleasure of the Board. The Executive Director shall be responsible for the day-to-day operations of the Foundation and shall have such specific duties and responsibilities as the Board shall prescribe. ‘‘(2) COMPENSATION.—The compensation of the Executive Director shall be fixed by the Board but shall not be greater than the compensation of the Commissioner. ‘‘(h) ADMINISTRATIVE POWERS.—In carrying out this subchapter, the Board, acting through the Executive Director, may— ‘‘(1) adopt, alter, and use a corporate seal, which shall be judicially noticed; ‘‘(2) hire, promote, compensate, and discharge 1 or more officers, employees, and agents, as may be necessary, and define their duties; ‘‘(3) prescribe the manner in which— ‘‘(A) real or personal property of the Foundation is acquired, held, and transferred; ‘‘(B) general operations of the Foundation are to be conducted; and ‘‘(C) the privileges granted to the Board by law are exercised and enjoyed; ‘‘(4) with the consent of the applicable executive department or independent agency, use the information, services, and facilities of such department or agencies in carrying out this section; ‘‘(5) enter into contracts with public and private organizations for the writing, editing, printing, and publishing of books and other material; ‘‘(6) hold, administer, invest, and spend any gift, devise, or bequest of real or personal property made to the Foundation under subsection (i); ‘‘(7) enter into such other contracts, leases, cooperative agreements, and other transactions as the Board considers appropriate to conduct the activities of the Foundation;

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