Page:United States Statutes at Large Volume 68 Part 1.djvu/924

 892

PUBLIC LAW 685-AUG. 28, 1954

[68 S T A T.

sylvania; and their successors, are hereby created and declared to be a body corporate of the District of Columbia, where its legal domicile shall be, by the name of the National F u n d for Medical Education (hereinafter referred to as the corporation) and by such name shall be known and have perpetual succession and the powers, limitations, and restrictions herein contained. COMPLETION OF ORGANIZATION

SEC. 2. A majority of the persons named in the first section of this Act are authorized to complete the organization of the corporation by the selection of officers and employees, the adoption of a constitution and bylaws, ngt inconsistent with this Act, and the doing of such other acts as may be necessary for such purpose. PURPOSES o r THE CORPORATION

SEC. 3. The purposes of the corporation shall be to raise from private sources, disperse and administer funds for medical education and in connection therewith to take other appropriate action to promote and foster the following objectives: (1) The interpretation of the needs of medical education to the American public; (2) The encouragement of the growth, development and advancement of constantly improving standards and methods in the education and training of all medical manpower in the Nation; and (3) The preservation of academic freedom in the institutions of medical education. CORPORATE POWERS

SEC. 4. The corporation shall have power— (1) to have succession by its corporate name; (2) to sue and be sued, complain and defend in any court of competent jurisdiction; (3) to adopt, use, and alter a corporate seal; (4) to choose such officers, managers, agents, and employees as the business of the corporation may require; (5) to adopt, amend, and alter a constitution and bylaws, not inconsistent with the laws of the United States or any State in which the corporation is to operate, for the management of its property and the regulation oi its affairs; (6) to contract and be contracted with; (7) to take by lease, gift, purchase, grant, devise, or bequest from any private corporation, association, partnership, firm or individual and to hold any property, real, personal or mixed, necessary or convenient for attaining the objects and carrying into effect the purposes of the corporation, subject, however, to applicable provisions of law of any State (A) governing the amount or kind of property which may be held by, or (B) otherwise limiting or controlling the ownership of property by, a corporation operating in such State; (8) to transfer, convey, lease, sublease, encumber and otherwise alienate real, personal or mixed property; and (9) to borrow money for the purposes of the corporation, issue bonds therefor, and secure the same by mortgage, deed of trust, pledge or otherwise, subject in every case to all applicable provisions of Federal and State laws.

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