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U.S.C.
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§1961. Establishment and purposes of Foundation — Inbound Citations

33 U.S.C. § 1961

Cited by 2 provisions in release 119-102.

Citations to 33 U.S.C. § 1961 as a whole

  • 33 U.S.C. § 1963(c)(1)
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    (1) To carry out its purposes under section 1961 of this title, the Foundation shall have, in addition to the powers otherwise given it under this title,1 the usual powers of a nonprofit corporation formed in the District of Columbia, including the power—
    (A) to accept, receive, solicit, hold, administer, and use any gift, devise, or bequest, either absolutely or in trust, of real or personal property or any income therefrom or other interest therein;
    (B) to acquire by purchase or exchange any real or personal property or interest therein;
    (C) to invest any funds provided to the Foundation by the Federal Government in obligations of the United States or in obligations or securities that are guaranteed or insured by the United States;
    (D) to deposit any funds provided to the Foundation by the Federal Government into accounts that are insured by an agency or instrumentality of the United States;
    (E) to make use of any interest or investment income that accrues as a consequence of actions taken under subparagraph (C) or (D) to carry out the purposes of the Foundation;
    (F) to use Federal funds to make payments under cooperative agreements to provide substantial long-term benefits for the assessment, prevention, reduction, and removal of marine debris;
    (G) unless otherwise required by the instrument of transfer, to sell, donate, lease, invest, reinvest, retain or otherwise dispose of any property or income therefrom;
    (H) to borrow money and issue bonds, debentures, or other debt instruments;
    (I) to sue and be sued, and complain and defend itself in any court of competent jurisdiction, except that the Directors of the Foundation shall not be personally liable, except for gross negligence;
    (J) to enter into contracts or other arrangements with, or provide financial assistance to, public agencies and private organizations and persons and to make such payments as may be necessary to carry out its functions; and
    (K) to do any and all acts necessary and proper to carry out the purposes of the Foundation.

Citations to §1961(b)