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U.S. Code as of:
01/19/04
Section 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.
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