2804 Powers of Founda- tion. 60 Stat. 754 . 50U.S.C.app. i 1641 (b). 60 Stat. 754. 50U.S.C.app. 11641 (b). Annual budget. INTERNATIONAL AGREEMENTS OTHER THAN TREATIES [62 STAT. 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 purposes of the present agreement including the following: (1) Receive funds. (2) Open and operate bank accounts in the name of the Founda- tion 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 authorised purposes of the Foundation. (4) Acquire, hold, and dispose of property in the name of the Foundation as the Board of Directors of the Foundation may consider necessary or desirable, provided however that the acquisi- tion 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 the present 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 New Zealand, and institutions of New Zealand qualified to participate in the pro- gram in accordance with the aforesaid Act. (7) Recommend to the aforesaid Board of Foreign Scholarships such qualifications for the selection of participants in the program as it may deem necessary for achieving the purpose and objectives of the Foundation. (8) Provide for periodic audits of the accounts of the Foundation 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 actually on hand nor acquire, hold, or dispose of property except for the purposes authorised in the present agreement.
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