Us Code § 503 - Purpose of Foundation
Full text of Us Code United States Code § 503 — Purpose of Foundation, with citation guidance and answers to common questions.
§ 503. Purpose of Foundation
(a) Scientific and economic research
The purposes of the corporation shall be to administer and expend its funds and other property for scientific and economic research for the benefit and development of the textile industry, its allied branches, and including that of production of raw materials.
(b) Payment by Textile Alliance, Incorporated
The Textile Alliance, Incorporated, is authorized to pay to the corporation the amounts payable in accordance with the arrangement between the Textile Alliance, Incorporated, and the Department of State, in lieu of paying such amounts into the United States Treasury; except that any amounts payable in accordance with such arrangement, and paid into the United States Treasury before June 10, 1930, are authorized to be appropriated to the credit of the corporation. Upon the receipt by the corporation of such amounts the liability of the Textile Alliance, Incorporated, under such arrangement shall be extinguished.
(June 10, 1930, ch. 440, §3, 46 Stat. 539.)
About This Section
15 U.S.C. § 503 is part of Title 15 of the United States Code. The United States Code is the official codification of federal statutes maintained by the Office of the Law Revision Counsel of the U.S. House of Representatives. Congress amends the Code through new public laws, which are eventually incorporated into the relevant title.
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