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PUBLIC LAW 507-JULY 19, 1954
[68
ST A T.
as the "corporation") and by such name shall be known and have perpetual succession and the powers and limitations contained in this Act. SEC. 2. A majority of the persons named in the first section of this Act, or their successors, are hereby authorized to meet to complete the organization of the corporation by the adoption of a constitution and bylaws, the election of officers, and by doing all things necessary to carry into effect the provisions of this Act. SEC. 3. The objects and purposes of the corporation shall be to foster the development of fundamental education through programs and projects such as— (1) giving citizens (children, youth, and adults) opportunity to acquire the understandings arid skills necessary to relate the resources of the community to the needs and interests of the community. (2) demonstrating programs of fundamental education and measuring results. (3) training men and women as leaders in fundamental education by providing internships and other experiences. SEC. 4. The corporation shall have power— (1) to sue and be sued, complain and defend in any court of competent jurisdiction; (2) to adopt, use, and alter a corporate seal; (3) to choose such officers, managers, agents, and employees as the business of the corporation may require; (4) to adopt and alter a constitution and bylaws, not inconsistent with the laws of the United States or any State in which such corporation is to operate, for the management of its property and the regulation of its affairs; (5) to contract and be contracted with; (6) to take and hold by lease, gift, purchase, grant, devise, or bequest any property, real or personal, necessary for attaining the objects of accomplishing the purposes of the corporation, subject to applicable provisions of law of any State (A) governing the amount or kind of real and personal property which may be held by, or (B) otherwise limiting or controlling the ownership of real and personal property by, a corporation operating in such State; (7) to transfer and convey real or personal property; (8) to borrow money for the purposes of the corporation, issue bonds therefor, and secure the same by mortgage, subject to all applicable provisions of Federal or State law; (9) to use the corporate funds to give prizes, awards, loans, scholarships and grants to deserving students for the purposes set forth in section 3; (10) to publish a magazine and other publications; and (11) to do any and all acts and things necessary and proper to carry out the objects and purposes of the corporation. SEC. 5. The activities of the corporation may be conducted throughout the various States, Territories, and possessions of the United States. The corporation shall maintain at all times in the District of Columbia a designated agent authorized to accept service of process for the corporation, such designation to be filed in the office of the clerk of the United States District Court for the District of Columbia. Notice to or service upon such agent, or mailed to the business address of such agent, shall be deemed sufficient notice or service upon the corporation. The principal office of the corporation shall be established at such place as the board of directors deems appropriate.
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