§ 503. Purpose of Foundation

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1. 1930

   Pub. L. 71–440 § 3 · 46 Stat. 539

   Enacted · 15 U.S.C. § 503

   (June 10, 1930, ch. 440, § 3, 46 Stat. 539.)

   Source evidence

   Code source credit
   (June 10, 1930, ch. 440, § 3, 46 Stat. 539.)

   Enacted provision · exact public law section
   Sec. 3. (a) The purposes of the corporation shall be to administer Administration of funds for scientific research of textile industry, etc. 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) The Textile Alliance, Incorporated, is hereby authorized to Payment to, of amounts payable from Textile Alliance, Incorporated, in lieu of into the Treasury. 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 Former payments 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 Liability extinguished thereupon. of such amounts the liability of the Textile Alliance, Incorporated, under such arrangement shall be extinguished.

1 of 1 references resolved to an enrolled provision