Page:United States Statutes at Large Volume 77.djvu/42

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PUBLIC LAW 88-000—MMMM. DD, 1963

10

PUBLIC LAW 88-11-APR. 23, 1963

[77 STAT.

attaining the objects and carrying into effect the purposes of the corporation, subject, however, to applicable provisions of the law of any State (A) governing the amount or kind of property which may be held by, or (B) otherwise limiting or controlling the oMuership of property by, a corporation operating in such State; (6) to contract and be contracted with; (7) to transfer, convey, lease, sublease, encumber, and otherwise alienate real, personal, or mixed property; (8) 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: and (9) to do any and all acts and things necessary and proper to carry out the objects and purposes of the corporation. MKMRKRSHIP

SEC. 5. Eligibility for membership in the corporation and the rights and privileges of meml)ers shall, except as provided in this Act, be determined as the bylaws of the corporation may provide. BOARD OF TRUSTKES: C'()Ml't)SlTl()X, RESI»0XS1BILITIES

SEC. 6. (a) Upon the enactment of this Act the membership of the hiitial board of trustees of the corporation shall consist of the persons named in the first section of this Act and such additional persons, if any, as shall be appointed by the President of the United States of America. (b) Thereafter, the board of trustees of the corporation shall be selected in such manner (including the filling of vacancies), and shall serve for such term as may be prescribed in the bylaws of the corporation. (c) The board of trustees shall be the governing board of the corporation, and a quorum thereof shall be responsible for the general policies and program of the corporation and for the control of all funds of the corporation. The board of trustees may appoint committees which shall have and exercise such powers as may be prescribed in the bylaws or by resolution of the board of trustees, and which may be all of the powers of the board of trustees. OFFICERS: ELECTION AXD DI TIES OF OFFICERS

SEC. 7. (a) The officers of the corporation shall be a chairman, a secretary, and a treasurer, and such other officers as may be provided in the bylaws. (b) The officers of the corporation shall be elected in such manner and for such terms and with, such duties as may be prescribed in the bylaws of the corporation. P R I N C I P A L OFFICE, S C O P E O F AC^TIVlTIEvS; RESIDENT AiiENT

SEC. 8. (a) The principal office of the corporation shall be located in Washington, District of Columbia, or in such other place as may be later determined by the board of trustees, but the activities of the corporation shall not be confined to that place, but may be conducted throughout the territory of the United States, and in the discretion of the board of trustees elsewhere in the world.