o6Stat. 754. 50U.S.0.app. 1641 (b). Expenditures; an. nual budget. INTERNATIONAL AGREEMENTS OTHER THAN TREATIES [62 STAT. (3) Disburse funds and make grants and advances of funds for the authorized purposes of the Foundation. (4) Acquire, hold, and dispose of property in the name of the Foundation as the Board of Directors of the Foundation may consider necessary or desirable, provided however, that the acquisition of any real property shall be subject to the prior approval of the Secretary of State of the United States of America. (5) Plan, adopt, and carry out programs, in accordance with the purposes of Section 32 (b) of the United States Surplus Property Act of 1944, as amended, and the purposes of the present agreement. (6) Recommend to the Board of Foreign Scholarships, pro- vided for in the United States Surplus Property Act of 1944, as amended, students, professors, research scholars, resident in Burma, and institutions of Burma qualified to participate in the program in accordance with the aforesaid Act. (7) Recommend to the aforesaid Board of Foreign Scholar- ships such qualifications for the selection of participants in the programs as it may deem necessary for achieving the pur- pose and objectives of the Foundation. (8) Provide for periodic audits of the accounts of the Foun- dation as directed by auditors selected by the Secretary of State of the United States of America. (9) Engage administrative and clerical staff and fix the salaries and wages thereof. Article 3 All expenditures by the Foundation shall be made pursuant to an annual budget to be approved by the Secretary of State of the United States of America, pursuant to such regulations as he may prescribe. The Foundation shall prepare the budget and present it to the Gov- ernment of Burma in order that comments, if any, of the Government of Burma, may be considered by the Secretary of State prior to final approval of the budget. Article 4 The Foundation shall not enter into any commitments or create any obligation which shall bind the Foundation in excess of the funds actually on hand nor acquire, hold or dispose of property except for the purposes authorized in the present agreement. Article 5 The Bard The management and direction of the affairs of the Foundation shall be vested in a Board of Directors consisting of eight Directors (hereinafter designated the "Board"). Chief of Mon. The principal officer in charge of the diplomatic mission of the United States of America to Burma (hereinafter designated "Chief of Mission") shall be Honorary Chairman of the Board. He shall
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