Page:United States Statutes at Large Volume 93.djvu/886

 93 STAT. 854

PUBLIC LAW 96-114—NOV. 16, 1979 from public and private youth organizations within such State or geographic area. POWERS AND RESTRICTIONS

2 USC 806.

26 USC 501. contracts.

Funds.

SEC. 7. (a) Subject to such limitations as may be provided for under this section, the Board may take such actions and make such expenditures as may be necessary to carry out the Congressional Award Program, except that— (1) the Board shall carry out its functions and make expenditures with only such resources as are available to the Board from sources other than the Federal Governn;ient; and (2) the Board shall not take any actions which would disqualify the Board from treatment (for tax purposes) as an organization described in section 501(c)(3) of the Internal Revenue Code of 1954. (b) The Board may enter into and perform such contracts as may be appropriate to carry out its business, but the Board may not enter into any contract which would obligate the Board to expend an amount greater than the amount available to the Board for the purpose of such contract during the fiscal year in which the expenditure is made. (c) The Board may seek and accept, from sources other than the Federal Government, funds and other resources to carry out its activities. The Board may not accept any funds or other resources which are— (1) donated with a restriction on their use unless such restriction merely provides that such funds or other resources be used in furtherance of the Congressional Award Program; or (2) donated subject to the condition that the identity of the donor of the funds or resources shall remain anonymous. (d) The Board may accept and utilize the services of voluntary, uncompensated personnel. (e) The Board may lease (or otherwise hold), acquire, or dispose of real or personal property necessary for, or relating to, the duties of the Board. (f) The Board shall have no power— (1) to issue bonds, notes, debentures, or other similar obligations creating long-term indebtedness; (2) to issue any share of stock or to declare or pay any dividends; or (3) to provide for any part of the income or assets of the Board to inure to the benefit of any director, officer, or employee of the Board except as reasonable compensation for services or reimbursement for expenses. (g)(1) The Board shall provide for the establishment of a private nonprofit corporation for the sole purpose of assisting the Board to carry out the Congressional Award Program, and shall delegate to the corporation such duties as it considers appropriate. (2) The articles of incorporation of the corporation established under this subsection shall provide that— (A) the members of the Board of Directors of the corporation shall be the members of the Board, and the Director of the corporation shall be the Director of the Board; and (B) the extent of the authority of the corporation shall be the same as that of the Board. (3) No director, officer, or employee of any corporation established under this subsection may receive compensation, travel expenses, or benefits from both the corporation and the Board.

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