Page:United States Statutes at Large Volume 124.djvu/3604

 124 STAT. 3578 PUBLIC LAW 111–332—DEC. 22, 2010 (h) LIMITATIONS.—The following limitations apply with respect to the appointment of employees of the Foundation: (1) Employees may not be appointed until the Foundation has sufficient funds to pay them for their service. No individual so appointed may receive a salary in excess of the annual rate of basic pay in effect for Executive Level V in the Federal service. A member of the Board may not receive compensation for serving as an employee of the Foundation. (2) The first employee appointed by the Board shall be the Secretary of the Board who shall serve, at the direction of the Board, as its chief operating officer and shall be knowledgeable and experienced in matters relating to physical fitness, sports, and nutrition. (3) No Public Health Service employee nor the spouse or dependent relative of such an employee may serve as a member of the Board of Directors or as an employee of the Foundation. (4) Any individual who is an employee or member of the Board of the Foundation may not (in accordance with the policies developed under subsection (i)) personally or substan- tially participate in the consideration or determination by the Foundation of any matter that would directly or predictably affect any financial interest of— (A) the individual or a relative (as such term is defined in section 109(16) of the Ethics in Government Act, 1978) of the individual; or (B) any business organization, or other entity, of which the individual is an officer or employee, is negotiating for employment, or in which the individual has any other financial interest. (i) GENERAL POWERS.—The Board may complete the organiza- tion of the Foundation by— (1) appointing employees; (2) adopting a constitution and bylaws consistent with the purposes of the Foundation and the provision of this Act; and (3) undertaking such other acts as may be necessary to carry out the provisions of this Act. In establishing bylaws under this subsection, the Board shall pro- vide for policies with regard to financial conflicts of interest and ethical standards for the acceptance, solicitation and disposition of donations and grants to the Foundation. SEC. 4. POWERS AND DUTIES OF THE FOUNDATION. (a) IN GENERAL.—The Foundation— (1) shall have perpetual succession; (2) may conduct business throughout the several States, territories, and possessions of the United States; (3) shall have its principal offices in or near the District of Columbia; and (4) shall at all times maintain a designated agent author- ized to accept service of process for the Foundation. The serving of notice to, or service of process upon, the agent required under paragraph (4), or mailed to the business address of such agent, shall be deemed as service upon or notice to the Foundation. (b) SEAL.—The Foundation shall have an official seal selected by the Board which may be used as provided for in section 5.