Volume 68 · 490
Public Law 83–507
To incorporate the Board for Fundamental Education.
Approved July 19, 1954
Statutory text
AN ACT
To incorporate the Board for Fundamental Education.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
That the following
Board for Fundamental Education.
Incorporation.
persons: Ernest R. Alexander, of Dallas, Texas; John R. Alford, of Henderson, Texas; William H. Book, of Indianapolis, Indiana; E. M. Dealey, of Dallas, Texas; A. Dale Fiers, of Indianapolis, Indiana; Fred F. Florence, of Dallas, Texas; E. B. Germany, of Dallas, Texas; Sam Gladney, of Dallas, Texas; Theodore B. Griffith, of Indianapolis, Indiana; O. H. Grissom, of Longview, Texas; Harry T. Ice, of Indianapolis, Indiana; J. C. Judge, of Mineola, Texas; George Kuhn, of Indianapolis, Indiana; Charles J. Lynn, of Indianapolis, Indiana; Eugene S. Pulliam, of Indianapolis, Indiana; C. B. Roberts, of Dallas, Texas; William L. Schloss, of Indianapolis, Indiana; Ben H. Wooten, of Dallas, Texas; and Joseph Zeppa, of Tyler. Texas; and their associates and successors are hereby created a body corporate by the name of Board for Fundamental Education (hereinafter referred to 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 by laws, 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—
giving citizens (children, youth, and adults) opportunity to acquire the understandings and skills necessary to relate the resources of the community to the needs and interests of the community.
demonstrating programs of fundamental education and measuring results.
training men and women as leaders in fundamental Education by providing internships and other experiences.
Sec. 4.
The corporation shall have power—
to sue and be sued, complain and defend in any court of competent jurisdiction;
to adopt, use, and alter a corporate seal;
to choose such officers, managers, agents, and employees as the business of the corporation may require;
to adopt and alter a constitution and by laws, 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;
to contract and be contracted with;
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;
to transfer and convey real or personal property;
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;
to use the corporate funds to give prizes, awards, loans, scholarships and grants to deserving students for the purposes set forth in section 3;
to publish a magazine and other publications; and
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
D. C. agent.
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
Principal office.
corporation. The principal office of the corporation shall be established at such place as the board of directors deems appropriate.
Sec. 6.
Eligibility for membership in the corporation and the rights
Membership
and privileges of members shall, except as provided in this Act, be determined according to the constitution and by laws of the corporation. In the conduct of the official business of the corporation each member shall have one vote.
Sec. 7.
The corporation shall be governed by a board of directors
Board of Directors.
composed of not less than fifteen members of the corporation who shall be elected annually to serve on such board by the members of the corporation.
Sec. 8.
The officers of the corporation shall consist of a chairman of
Officers.
the board, a president, one or more vice presidents, a secretary, a treasurer, and such assistant officers as the board of directors shall designate. The officers shall perform such duties and have such powers as the by laws and the board of directors may from time to time prescribe.
Sec. 9.
No part of the income or assets of the corporation shall
Assets.
inure to any member, officer, or director, or be distributable to any such person except upon dissolution and final liquidation of the corporation as provided in section 15 of this Act.
The corporation shall not make loans to its officers, directors, or
Loans.
employees. Any director who votes for or assents to the making of a loan to any officer, director, or employee of the corporation, and any officer who participates in the making of such a loan shall be jointly and severally liable to the corporation for the amount of such loan until the repayment thereof.
Sec. 10.
The corporation and its members, officers, and directors,
Political support, etc.
as such, shall not contribute to or otherwise support or assist any political party or candidate for elective public office.
Sec. 11.
The corporation shall be liable for the acts of its officers and
Liability.
agents when acting within the scope of their authority.
Sec. 12.
The corporation shall nave no power to issue any shares
Business for profit, etc.
of stock or to declare or pay any dividends, or to engage in business for pecuniary profit.
Sec. 13.
The corporation shall keep correct and complete books and
Records.
records of account and shall also keep minutes of the proceedings of its members, the board of directors, and committees having any authority under the board of directors; and it shall also keep a record of the names and addresses of its members entitled to vote. All books and records of the corporation may be inspected by any member or his agent or attorney, at any reasonable time.
Sec. 14.
The financial transactions shall be audited annually
Audit.
by an independent certified public accountant in accordance with the principles and procedures applicable to commercial corporate transactions. The audit shall be conducted at the place or places where the accounts of the corporation are normally kept. All books, accounts, financial records, reports, files, and all other papers, things, or property belonging to or in use by the corporation and necessary to facilitate the audit shall be made available to the person or persons conducting the audit; and full facilities for verifying transactions with the balances or securities held by depositors, fiscal agents, and custodians shall be afforded to such person or persons.
A report of such audit shall be made by the corporation to
Report to Congress.
Congress not later than May 15 of each year. The report shall set forth the scope of the audit and shall include a verification by the person or persons conducting the audit of statements of (1) assets and liabilities, (2) capital and surplus or deficit, (3) surplus or deficit analysis, (4) income and expense, and (5) sources and application of funds. Such reports shall not be printed as public documents.
Sec. 15.
Upon final dissolution or liquidation of the corporation and after the discharge or satisfaction of all outstanding obligations and liabilities, the remaining assets of the corporation shall be used by the board of directors for the purposes stated in section 3 above or be transferred to some recognized educational foundation.
Sec. 16.
The corporation shall have the sole and exclusive right to use the name of Board for Fundamental Education as representing such corporation and such seals, emblems, and badges as the corporation may lawfully adopt.
Sec. 17.
As a condition precedent to the exercise of any power or privilege granted to the corporation under this Act, the corporation shall file in the office of the Secretary of State, or similar office, in each State and in each Territory or possession of the United States in which the corporation is doing business, the name and post office address of an authorized agent in such State, Territory, or possession upon whom legal process or demand against the corporation may be served.
Sec. 18.
The right to alter, amend, or repeal this Act is hereby expressly reserved.
Approved July 19, 1954.