SEVENTY-FIRST CONGRESS . SEss. II. Cia. 440. 1930 .
539 CHAP . 440 .-An Act To create a body corporate by the name of the "Textile Foundation ." June 10, 1930 . [H. R. 9557.] [Public, No . 329 .] Be it enacted by the Senate and House o f Representatives o f the United States of America in Congress assembled, Tha t the Secre- District of Columbia . tary of Commerce, the Secretary of Agriculture, and three directors Textile Found ation . Incorporation . first appointed as provided in section 2 and their successors, are in Membe rs c onst itut- hereby created a body corporate of the District of Columbia by the name of the "Textile Foundation" (hereinafter referred to as the corporation) . The incorporation shall be held effected upon the date of the first meeting of the board of directors . The corporation Pri nci pal office in shall maintain its principal office in the District of Columbia and District of Columbia . may establish such agencies or branch offices at such places as it deems advisabl e . SEC. 2. (a) The board of directors of the corporation (hereinafter Board of d irec tors . referred to as the board) shall be constituted as follows : The Secretar of Commerce ;
Secretary of Com- (1)
y
merce . (2) The Secret ary of Agricu lture ; a n d
Secre tary of A gricu l- ture. (3) Three individuals, familiar with the textile industry or its Three persons famil . allied branches, including that of production of raw materials and iar with textile indus- g
f
tr y, appointed by the their successors, to be appointed by the President, one for a term of President . two years, one for a term of three years, and one for a term of four Terms . years, from the date the incorporation is effected . (b) Each succe ssor shall be appointed fo r a term of fo ur years Po~t~ ors to air from the date of the expiration of the term of the member whom he succeeds, except that any successor appointed to fill a vacancy occurring prior to the expiration of the term shall be appointed only for the unexpired term of the member whom he succeeds . A vacancy in the office of a director shall not impair the power of the remaining directors to execute the functions of the board . A majority of the directo rs shal l const itute a quoru m for t he tra nsactio n of th e busi ness of the board . (c) The members of the board shall serve without compensation No compensation for services, but expenses for their services as such members, but they shall be reimbursed reimbursed. from the corporation for actual expenses incurred by them while in the performance of the functions vested in the boc rd by this Act . (d) Any officer or employee of the United States, or of any cor- Gove rnme nt of oers , etc ., may serve as diree . poration acting as a governmental agent of the United States, may, tors. in addition to his present office, hold the office of director of the Tex- tile Foundation without regard to any provision of law prohibiting the holding of more than one office . (e) The board at its first meeting and at each annual meeting Chairman . thereafter shall elect a chairman . (f) The board shall direct the exercise of all the powers of the Corporate powers . corporation . SEC. 3. a The purposes of the corporation shall be to administer fund s for Administration of ( ~
for scie ntific re- and expend its funds and other property for scientific and economic search of textile indus- research for the benefit and development of the textile industry, its try, etc' allied branches, and including that of production of raw materials . (b) The Textile Alliance, Incorporated, is hereby authorized to Payment to, of amounts pa yable from pay to the corporation the amounts payable in accordance with the Texti le All iance , Inco r-in lieu arrangement between the Textile Alliance, Incorporated, and the th e Treasury . of into Department of State, in lieu of paying such amounts into the United States Treasury ; except that any amounts payable in accordance Former payments with such arrangement, and paid into the United States Treasury credited to corporation . before the enactment of this Act, are authorized to be appropriated to the credit of the corporation . Upon the receipt by the corporation ed Liab ilit y ext ingu ish- of such amounts the liability of the Textile Alliance, Incorporated, under such arrangement shall be extinguished .
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