(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 section 3324 of title 31;without regard to
(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) 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).
References in Text
Subsection (a)(12), referred to in subsec. (c), was redesignated subsec. (a)(13) of this section, repealed, and a new subsec. (a)(13) added by Pub. L. 102–325, title XIII, §1331(b)(1)(A), (C), July 23, 1992, 106 Stat. 806, and former subsec. (a)(11) of this section was redesignated subsec. (a)(12).
1993—Subsec. (a)(12). Pub. L. 103–208 substituted semicolon for period at end.
1992—Subsec. (a)(2). Pub. L. 102–325, §1331(b)(1)(B), added par. (2) and struck out former par. (2) which read as follows: "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 contracts without regard to section 3324 of title 31;".
Subsec. (a)(3) to (12). Pub. L. 102–325, §1331(b)(1)(A), (B), added par. (3) and redesignated former pars. (3) to (11) as (4) to (12), respectively. Former par. (12) redesignated (13).
Subsec. (a)(13). Pub. L. 102–325, §1331(b)(1)(C), added par. (13) and struck out former par. (13) which read as follows: "to use any funds or property received by the Institute to carry out the purpose of this chapter; and".
Pub. L. 102–325, §1331(b)(1)(A), redesignated par. (12) as (13). Former par. (13) redesignated (14).
Subsec. (14). Pub. L. 102–325, §1331(b)(1)(A), redesignated par. (13) as (14).
Subsec. (c). Pub. L. 102–325, §1331(b)(2), substituted "shall be expended" for "may be expended".
1990—Subsec. (a)(11). Pub. L. 101–644, §501(b), amended par. (11) generally. Prior to amendment, par. (11) read as follows: "to obtain insurance or make other provisions against losses;".
Subsec. (c). Pub. L. 101–644, §501(a), added subsec. (c).
1988—Pub. L. 100–297 designated existing provisions as subsec. (a), inserted heading, and added subsec. (b).
Effective Date of 1993 Amendment
Amendment by Pub. L. 103–208 effective as if included in the Higher Education Amendments of 1992, Pub. L. 102–325, except as otherwise provided, see section 5(a) of Pub. L. 103–208, set out as a note under section 1051 of this title.