62 STAT.] PHILIPPINES-EDUCATIONAL FOUNDATION-MAR. 23 , 1948 Article 1 There shall be established in the Philippines a foundation to be known as the United States Educational Foundation in the Philippines (hereinafter designated the "Foundation"), which shall be recognized by the Government of the United States of America and the Govern- ment of the Republic of the Philippines as an organization created and established to facilitate the administration of the educational program to be financed by funds made available by the Government of the Re- public of the Philippines under the terms of the present agreement. Except as provided in Article 3 hereof the Foundation shall be ex- empt from the domestic and local laws of the United States of America and the Republic of the Philippines as they relate to the use and expenditure of currencies and credits for currencies for the purposes set forth in the present agreement. The funds made available by the Government of the Republic of the Philippines shall be used by the Foundation for the purpose, as set forth in Section 32 (b) of the United States Surplus Property Act of 1944, as amended, of (1) financing studies, research, instruction, and other educational activities of or for citizens of the United States of America in schools and institutions of higher learning located in the Philippines or of the citizens of the Philippines in United States schools and institutions of higher learning located outside the continental United States, Hawaii, Alaska (including the Aleutian Islands), Puerto Rico, and the Virgin Islands, including payment for transportation, tuition, maintenance, and other expenses incident to scholastic activities; or (2) furnishing transportation for citizens of the Philippines who desire to attend United States schools and institutions of higher learning in the continental United States, Hawaii, Alaska (including the Aleutian Islands), Puerto Rico, and the Virgin Islands and whose attendance will not deprive citizens of the United States of America of an opportunity to attend such schools and institutions. Article 2 In furtherance of the aforementioned purposes, the Foundation may, subject to the provisions of Article 10 of the present agreement, exercise all powers necessary to the carrying out of the purpose of the present agreement including the following: (1) Receive funds. (2) Open and operate bank accounts in the name of the Foundation in a depository or depositories to be designated by the Secretary of State of the United States of America. (3) Disburse funds and make grants and advances of funds for the authorized purposes of the Foundation. (4) Acquire, hold, and dispose of such property in the name of the Foundation as the Board of Directors of the Foundation may con- sider necessary or desirable, provided however, that the acquisition 1879 The Foundation. Use of funds. 60 Stat. 754. 50U.S.C.app. § 1641 (b). Powers of Founda- tion. Post, p. 1882.
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