1880 60 Stat. 754. 60U.S.C.app. 1641 (b). Expenditures. INTERNATIONAL AGREEMENTS OTHER THAN TREATIES [62 STAT. of any real property shall be subject to the prior approval of the Secretary of State of the United States of America. (5) Plan, adopt, and carry out programs, in accordance with the purposes of Section 32 (b) of the United States Surplus Property Act of 1944, as amended, and the purposes of this agreement. (6) Recommend to the Board of Foreign Scholarships, provided for in the United States Surplus Property Act of 1944, as amended, students, professors, research scholars, resident in the Philippines and institutions of the Philippines qualified to participate in the programs in accordance with the aforesaid Act. (7) Recommend to the aforesaid Board of Foreign Scholarships such qualifications for the selection of participants in the programs as it may deem necessary for achieving the purpose and objectives of the Foundation. (8) Provide for periodic audits of the accounts of the Foundr- tion as directed by auditors selected by the Secretary of State of the United States of America. (9) Engage administrative and clerical staff and fix the salaries and wages thereof. Article 3 All expenditures by the Foundation shall be made pursuant to an annual budget to be approved by the Secretary of State of the United States of America pursuant to such regulations as he may prescribe. Article 4 The Foundation shall not enter into any commitment or create any obligation which shall bind the Foundation in excess of the funds actu- ally on hand nor acquire, hold, or dispose of property except for the purposes authorized in the present agreement. Article 5 The Board. The management and direction of the affairs of the Foundation shall be vested in a Board of Directors consisting of nine Directors, (here- inafter designated the "Board"). ChiefofMision. The principal officer in charge of the Diplomatic Mission of the United States of America to the Republic of the Philippines (herein- after designated the "Chief of Mission") shall be Honorary Chair- man of the Board. He shall have the power of appointment and re- Members of Board. moval of members of the Board at his discretion. The members of the Board shall be as follows: (a) the Chief Public Affairs Officer of the United States Embassy in the Philippines, Chairman; (b) two other members of the Embassy staff, one of whom shall serve as treas- urer; (c) two citizens of the United States of America, one representa- tive of American business interests in the Philippines and one repre-
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