20 U.S.C. § 4414 : US Code - Section 4414: General powers of Board

Search 20 U.S.C. § 4414 : US Code - Section 4414: General powers of Board

(a) In general
In carrying out the provisions of this chapter, the Board shall
have the power, consistent with the provisions of this chapter -
(1) to adopt, use, and alter a corporate seal;
(2) to make agreements and contracts with persons, Indian
tribes, and private or governmental entities and to make payments
or advance payments under such agreements or contract (!1)
without regard to section 3324 of title 31;
(3) any other provision of law to the contrary notwithstanding,
to enter into joint development ventures with public or private
commercial or noncommercial entities for development of
facilities to meet the plan required under section 4426 of this
title, if the ventures are related to and further the mission of
the Institute;
(4) to sue and be sued in its corporate name and to complain
and defend in any court of competent jurisdiction;
(5) to represent itself, or to contract for representation, in
all judicial, legal, and other proceedings;
(6) with the approval of the agency concerned, to make use of
services, facilities, and property of any board, commission,
independent establishment, or executive agency or department of
the executive branch in carrying out the provisions of this
chapter and to pay for such use (such payments to be credited to
the applicable appropriation that incurred the expense);
(7) to use the United States mails on the same terms and
conditions as the executive departments of the United States
Government;
(8) to obtain the services of experts and consultants in
accordance with the provisions of section 3109 of title 5 and to
accept and utilize the services of voluntary and noncompensated
personnel and reimburse them for travel expenses, including per
diem, as authorized by section 5703 of title 5;
(9) to solicit, accept, and dispose of gifts, bequests, devises
of money, securities, and other properties of whatever character,
for the benefit of the Institute;
(10) to receive grants from, and enter into contracts and other
arrangements with, Federal, State, or local governments, public
and private agencies, organizations, institutions, and
individuals;
(11) to acquire, hold, maintain, use, operate, and dispose of
such real property, including improvements thereon, personal
property, equipment, and other items, as may be necessary to
enable the Board to carry out the purpose of this chapter;
(12) to the extent not already provided by law, to obtain
insurance to cover all activities of the Institute, including
coverage relating to property and liability, or make other
provisions against losses;
(13) to use any funds or property received by the Institute to
carry out the purpose of this chapter, including the authority to
designate on an annual basis a portion, not to exceed 10 percent,
of the funds appropriated pursuant to section 4451 of this title
for investment, without regard to any other provision of law
regarding investment or disposition of federally appropriated
funds, on a short-term basis for the purpose of maximizing yield
and liquidity of such funds; and
(14) to exercise all other lawful powers necessarily or
reasonably related to the establishment of the Institute in order
to carry out the provisions of this chapter and the exercise of
the powers, purposes, functions, duties, and authorized
activities of the Institute.
(b) Accounting for non-Federal funds
Any funds received by, or under the control of, the Institute
that are not Federal funds shall be accounted for separately from
Federal funds.
(c) Interest and investments
Interest and earnings on amounts received by the Institute
pursuant to section 4451 of this title invested under subsection
(a)(12) (!2) of this section shall be the property of the Institute
and shall be expended to carry out this chapter. The Board shall be
held to a reasonable and prudent standard of care, given such
information and circumstances as existed when the decision is made,
in decisions involving investment of funds under subsection (a)(12)
(!2) of this section.