15 U.S.C. § 501 — Creation of body corporate; directors; principal office; agencies

submitted 96 years ago by ch. 440 to r/title-15-COMMERCE-AND-TRADE · 94 words · no verdicts yet

in plain englishAI-generated · not legal advice

This law creates the Textile Foundation as a Washington, D.C. corporation. The Secretary of Commerce, the Secretary of Agriculture, and three appointed directors run it. It starts existing once its board holds its first meeting, and its main office is in D.C.

The Secretary of Commerce, the Secretary of Agriculture, and three directors — first appointed under section 502 of this title, along with their successors — form a body corporate based in the District of Columbia, called the "Textile Foundation" (referred to in this chapter as "the corporation"). The corporation officially comes into existence at the first meeting of its board of directors. It must keep its main office in the District of Columbia, but it can set up other offices or branches wherever it decides is useful.

the actual law source: uscode.house.gov ↗public domain

The Secretary of Commerce, the Secretary of Agriculture, and three directors first appointed as provided in section 502 of this title and their successors, are created a body corporate of the District of Columbia by the name of the “Textile Foundation” (in this chapter referred to as the corporation). The incorporation shall be held effected upon the date of the first meeting of the board of directors. The corporation shall maintain its principal office in the District of Columbia and may establish such agencies or branch offices at such places as it deems advisable.

Source credit: (June 10, 1930, ch. 440, § 1, 46 Stat. 539.)

history & why it existsrecord from the source credit

1930Enacted · Act of June 10, 1930, ch. 440 · 46 Stat. 539

A history note hasn’t been published yet. The record shows enactment by ch. 440 on 1930-06-10.

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