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(2) TERMS OF OFFICE.—
(A) IN GENERAL.—A member of the Board
shall serve for a term of 3 years, except that the
members appointed to the initial Board shall
serve, proportionately, for terms of 1, 2, and 3
years, as determined by the Secretary.
(B) LIMITATION ON TERMS.—No individual
may serve more than 2 consecutive 3-year terms
as a member.
(3) SUBSEQUENT MEMBERS.—The initial mem-
bers of the Board shall adopt procedures in the con-
stitution of the Foundation for the nomination and
selection of subsequent members of the Board. The
procedures shall require that each member, at a mini-
mum, meets the criteria established under subsection
(a) and shall provide for the selection of an individ-
ual, who is not a Federal officer or a member of the
Board, to be provided with the power to select subse-
quent members of the Board.
(d) CHAIRPERSON.—After the appointment of an ini-
tial chairperson under subsection (c)(1), each succeeding
chairperson of the Board shall be elected by the members
of the Board for a 2-year term.
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(e) VACANCIES.—A vacancy on the Board shall be
filled by the Board not later than 60 days after the occur-
rence of the vacancy.
(f) COMPENSATION.—A member of the Board shall re-
ceive no compensation from the Foundation for the service
of the member on the Board.
(g) TRAVEL EXPENSES.—While away from the home
or regular place of business of a member of the Board in
the performance of services for the Board, the member shall
be allowed travel expenses paid by the Foundation, includ-
ing per diem in lieu of subsistence, at the same rate as a
person employed intermittently in the Government service
would be allowed under section 5703 of title 5, United
States Code.
SEC. 305. OFFICERS AND EMPLOYEES.
(a) IN GENERAL.—The Board may—
(1) appoint, hire, and discharge the officers and
employees of the Foundation, other than the appoint-
ment of the initial Executive Director of the Founda-
tion;
(2) adopt a constitution and bylaws for the
Foundation that are consistent with the purposes of
the Foundation and this title; and
(3) undertake any other activities that may be
necessary to carry out this title.
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(b) OFFICERS AND EMPLOYEES.—
(1) APPOINTMENT AND HIRING.—An officer or
employee of the Foundation—
(A) shall not, by virtue of the appointment
or employment of the officer or employee, be con-
sidered a Federal employee for any purpose, in-
cluding the provisions of title 5, United States
Code, governing appointments in the competitive
service, except that such an individual may par-
ticipate in the Federal employee retirement sys-
tem as if the individual were a Federal em-
ployee; and
(B) may not be paid by the Foundation a
salary in excess of $125,000 per year.
(2) EXECUTIVE DIRECTOR.—
(A) INITIAL
DIRECTOR.—The Secretary
shall appoint an individual to serve as the ini-
tial Executive Director of the Foundation who
shall serve, at the direction of the Board, as the
chief operating officer of the Foundation.
(B) SUBSEQUENT DIRECTORS.—The Board
shall appoint each subsequent Executive Director
of the Foundation who shall serve, at the direc-
tion of the Board, as the chief operating officer
of the Foundation.
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(C) QUALIFICATIONS.—The Executive Di-
rector shall be knowledgeable and experienced in
matters relating to natural resources conserva-
tion.
SEC. 306. CORPORATE POWERS AND OBLIGATIONS OF THE
FOUNDATION.
(a) IN GENERAL.—The Foundation—
(1) may conduct business throughout the United
States and the territories and possessions of the Unit-
ed States; and
(2) shall at all times maintain a designated
agent who is authorized to accept service of process
for the Foundation, so that the serving of notice to,
or service of process on, the agent, or mailed to the
business address of the agent, shall be considered as
service on or notice to the Foundation.
(b) SEAL.—The Foundation shall have an official seal
selected by the Board that shall be judicially noticed.
(c) POWERS.—To carry out the purposes of the Foun-
dation under section 303(b), the Foundation shall have, in
addition to the powers otherwise provided under this title,
the usual powers of a corporation, including the power—
(1) to accept, receive, solicit, hold, administer,
and use any gift, devise, or bequest, either absolutely
or in trust, of real or personal property or any in-
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come from, or other interest in, the gift, devise, or be-
quest;
(2) to acquire by purchase or exchange any real
or personal property or interest in property;
(3) unless otherwise required by instrument of
transfer, to sell, donate, lease, invest, reinvest, retain,
or otherwise dispose of any property or income from
property;
(4) to borrow money from private sources and
issue bonds, debentures, or other debt instruments,
subject to section 309, except that the aggregate
amount of the borrowing and debt instruments out-
standing at any time may not exceed $1,000,000;
(5) to sue and be sued, and complain and defend
itself, in any court of competent jurisdiction, except
that a member of the Board shall not be personally
liable for an action in the performance of services for
the Board, except for gross negligence;
(6) to enter into a contract or other agreement
with an agency of State or local government, edu-
cational institution, or other private organization or
person and to make such payments as may be nec-
essary to carry out the functions of the Foundation;
and
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(7) to do any and all acts that are necessary to
carry out the purposes of the Foundation.
(d) INTEREST IN PROPERTY.—
(1) IN GENERAL.—The Foundation may acquire,
hold, and dispose of lands, waters, or other interests
in real property by donation, gift, devise, purchase, or
exchange.
(2) INTERESTS IN REAL PROPERTY.—For pur-
poses of this title, an interest in real property shall
be treated, among other things, as including an ease-
ment or other right for the preservation, conservation,
protection, or enhancement of agricultural, natural,
scenic, historic, scientific, educational, inspirational,
or recreational resources.
(3) GIFTS.—A gift, devise, or bequest may be ac-
cepted by the Foundation even though the gift, devise,
or bequest is encumbered, restricted, or subject to a
beneficial interest of a private person if any current
or future interest in the gift, devise, or bequest is for
the benefit of the Foundation.
SEC. 307. ADMINISTRATIVE SERVICES AND SUPPORT.
The Secretary may provide, without reimbursement,
personnel, facilities, and other administrative services of the
Department to the Foundation.
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SEC. 308. AUDITS AND PETITION OF ATTORNEY GENERAL
FOR EQUITABLE RELIEF.
(a) AUDITS.—
(1) IN GENERAL.—The accounts of the Founda-
tion shall be audited in accordance with Public Law
88–504 (36 U.S.C. 1101 et seq.), including an audit
of lobbying and litigation activities carried out by the
Foundation.
(2) CONFORMING AMENDMENT.—The first section
of Public Law 88–504 (36 U.S.C. 1101) is amended
by adding at the end the following:
‘‘(77) The National Natural Resources Conserva-
tion Foundation.’’.
(b) RELIEF WITH RESPECT TO CERTAIN FOUNDATION
ACTS OR FAILURE TO ACT.—The Attorney General may pe-
tition in the United States District Court for the District
of Columbia for such equitable relief as may be necessary
or appropriate, if the Foundation—
(1) engages in, or threatens to engage in, any
act, practice, or policy that is inconsistent with this
title; or
(2) refuses, fails, neglects, or threatens to refuse,
fail, or neglect, to discharge the obligations of the
Foundation under this title.
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SEC. 309. RELEASE FROM LIABILITY.
(a) IN GENERAL.—The United States shall not be lia-
ble for any debt, default, act, or omission of the Foundation.
The full faith and credit of the United States shall not ex-
tend to the Foundation.
(b) STATEMENT.—An obligation issued by the Founda-
tion, and a document offering an obligation, shall include
a prominent statement that the obligation is not directly
or indirectly guaranteed, in whole or in part, by the United
States (or an agency or instrumentality of the United
States).
SEC. 310. AUTHORIZATION OF APPROPRIATIONS.
There are authorized to be appropriated to the Depart-
ment to be made available to the Foundation such sums
as are necessary for each of fiscal years 1997 through 1999
to initially establish and carry out activities of the Founda-
tion.
TITLE IV—IMPLEMENTATION
AND EFFECTIVE DATE
SEC. 401. IMPLEMENTATION.
The Secretary of Agriculture and the Farm Credit Ad-
ministration shall promulgate regulations and take other
required actions to implement the provisions of this Act not
later than 90 days after the effective date of this Act.
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SEC. 402. EFFECTIVE DATE.
Except as otherwise provided in this Act, this Act and
the amendments made by this Act shall become effective on
the date of enactment.
Amend the title so as to read: ‘‘An Act to amend the
Farm Credit Act of 1971 to provide regulatory relief, and
for other purposes.’’.
Attest:
Secretary.
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