Page:United States Statutes at Large Volume 81.djvu/691

 81

STAT.]

PUBLIC LAW 90-210-DEC. 18, 1967

657

dispose of or deal with any property or income thereof as the Board may from time to time determine. The Foundation shall not engage in any business, nor shall the Foundation make any investment that may not lawfully be made by a trust company in the District of Columbia, except that the Foundation may make any investment authorized by the instrument of transfer, and may retain any property accepted by the Foundation. The Foundation may utilize the services and facilities of the Department of the Interior and the Department of Justice, and such services and facilities may be made available on request to the extent practicable without reimbursement therefor. SEC. 5. The Foundation shall have perpetual succession, with all the usual powers and obligations of a corporation acting as a trustee, including the power to sue and to be sued in its own name, but the members of the Board shall not be personally liable, except for malfeasance. Contract authorSEC. 6. The Foundation shall have the power to enter into contracts, ity. to execute instruments, and generally to do any and all lawful acts necessary or appropriate to its purposes. SEC. 7. I n carrying out the provisions of this Act, the Board may adopt bylaws, rules, and regulations necessary for the administration of its functions and contract for any necessary services. SEC. 8. The Foundation and any income or property received or '^^'^ exemptions owned by it, and all transactions relating to such income or property, shall be exempt from all Federal, State, and local taxation with respect thereto. The Foundation may, however, in the discretion of its directors, contribute toward the costs of local government in amounts not in excess of those which it would be obligated to pay such government if it were not exempt from taxation by virtue of the foregoing or by virtue of its being a charitable and nonprofit corporation and may agree so to contribute with respect to property transferred to it and the income derived therefrom if such agreement is a condition of the transfer. Contributions, gifts, and other transfers made to or for the use of the Foundation shall be regarded as contributions, gifts, or transfers to or for the use of the United States. SEC. 9. The United States shall not be liable for any debts, defaults, acts, or omissions of the Foundation. SEC. 10. The Foundation shall, as soon as practicable after the end „,f„^f °'"' *° ^°" of each fiscal year, transmit to Congress an annual report of its pro- gress. ceedings and activities, including a full and complete statement of its receipts, expenditures, and investments. Approved December 18, 1967.

Public Law 90-210 AN ACT

To amend the Food and Agriculture Act of 1965.

December 18, 1967

^_Jali£^j

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,^ That section 602(a) Food and Agriof the Food and Agriculture Act of 1965 is amended by adding at the igesTamend!^ end thereof the following new sentence: "The foregoing provision ment! shall not prevent a producer from placing a farm in the program if y^us'c^isa's.^* the farm was acquired by the producer to replace an eligible farm from which he was displaced because of its acquisition by any Federal, State, or other agency having the right of eminent domain." Approved December 18, 1967.

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