62 STAT.] BURMA-EDUCATIONAL FOUNDATION-DEC. 22 , 1947 erty of February 28, 1947, not in excess of the then unpaid portion of the total principal amount, plus interest then due and payable under the terms of the above-mentioned agreement of February 28, 1947, within limits to be mutually agreed, Have agreed as follows: Article 1 There shall be established a foundation to be known as the United States Educational Foundation in Burma (hereinafter designated "the Foundation"), which shall be recognized by the Government of the United States of America and the Government of Burma as an organ- ization created and established to facilitate the administration of the educational program to be financed by funds made available by the Government of Burma under the terms of the present agreement. Ex- cept as provided in Article 3 hereof the Foundation shall be exempt from the domestic and local laws of the United States of America and Burma as they relate to the use and expenditure of currencies and credits for currencies for the purposes set forth in the present agreement. The funds made available by the Government of Burma shall be used by the Foundation for the purpose, as set forth in Section 32 (b) of the United States Surplus Property Act of 1944, as amended, of (1) financing studies, research, instruction, and other educa- tional activities of or for citizens of the United States of America in schools and institutions of higher learning located in Burma, or of the citizens of Burma in United States schools and institutions of higher learning located outside the conti- nental United States, Hawaii, Alaska (including the Aleutian Islands), Puerto Rico, and the Virgin Islands, in- cluding payment for transportation, tuition, maintenance, and other expenses incident to scholastic activities; or (2) furnishing transportation for citizens of Burma who de- sire to attend United States schools and institutions of higher learning in the continental United States, Hawaii, Alaska (including the Aleutian Islands), Puerto Rico, and the Virgin Islands and whose attendance will not deprive citizens of the United States of America of an opportunity to attend such schools and institutions. Article 2 In furtherance of the aforementioned purposes, the Foundation may, subject to the provisions of Article 10 of the present agreement, exercise all powers necessary to the carrying out of the purposes of the present agreement, including the following: (1) Receive funds. (2) Open and operate bank accounts in the name of the Foundation in a depository or depositories to be designated by the Secretary of State of the United States of America 1815 The Foundation. Funds made avail- able by Government of Burma. 60 Stat. 754. 50U.S.C.app. § 1641 (b). Powers of Founda- tion. Post, p. 1818.
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