(i) GENERAL POWERS.—The Board may complete 
the organization of the Foundation by— 
(1) appointing officers and employees; 
(2) adopting a constitution and bylaws con-
sistent with the purposes of the Foundation and the 
provision of this Act; and 
(3) undertaking such other acts as may be nec-
essary to carry out the provisions of this Act. 
In establishing bylaws under this subsection, the Board 
shall provide for policies with regard to financial conflicts 
of interest and ethical standards for the acceptance, solici-
tation and disposition of donations and grants to the 
Foundation. 
SEC. 4. RIGHTS AND OBLIGATIONS OF THE FOUNDATION. 
(a) IN GENERAL.—The Foundation— 
(1) shall have perpetual succession; 
(2) may conduct business throughout the sev-
eral States, territories, and possessions of the 
United States; 
(3) shall have its principal offices in or near the 
District of Columbia; and 
(4) shall at all times maintain a designated 
agent authorized to accept service of process for the 
Foundation. 
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The serving of notice to, or service of process upon, the 
agent required under paragraph (4), or mailed to the busi-
ness address of such agent, shall be deemed as service 
upon or notice to the Foundation. 
(b) SEAL.—The Foundation shall have an official seal 
selected by the Board which shall be judicially noticed. 
(c) POWERS.—To carry out its purposes under sec-
tion 2, and subject to the specific provisions thereof, the 
Foundation shall have the usual powers of a corporation 
acting as a trustee in the District of Columbia, including 
the power— 
(1) except as otherwise provided herein, to ac-
cept, receive, solicit, hold, administer and use any 
gift, devise, or bequest, either absolutely or in trust, 
of real or personal property or any income therefrom 
or other interest therein; 
(2) to acquire by purchase or exchange any real 
or personal property or interest therein; 
(3) unless otherwise required by the instrument 
of transfer, to sell, donate, lease, invest, reinvest, re-
tain or otherwise dispose of any property or income 
therefrom; 
(4) to sue and be sued, and complain and de-
fend itself in any court of competent jurisdiction, ex-
cept for gross negligence; 
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(5) to enter into contracts or other arrange-
ments with public agencies and private organizations 
and persons and to make such payments as may be 
necessary to carry out its functions; and 
(6) to do any and all acts necessary and proper 
to carry out the purposes of the Foundation. 
For purposes of this Act, an interest in real property shall 
be treated as including easements or other rights for pres-
ervation, conservation, protection, or enhancement by and 
for the public of natural, scenic, historic, scientific, edu-
cational inspirational or recreational resources. A gift, de-
vise, or bequest may be accepted by the Foundation even 
though it is encumbered, restricted, or subject to beneficial 
interests of private persons if any current or future inter-
est therein is for the benefit of the Foundation. 
SEC. 5. PROTECTION AND USES OF TRADEMARKS AND 
TRADE NAMES. 
(a) PROTECTION.—Without the consent of the Foun-
dation in conjunction with the President’s Council on 
Physical Fitness and Sports, any person who uses for the 
purpose of trade, uses to induce the sale of any goods or 
services, or uses to promote any theatrical exhibition, ath-
letic performance or competition— 
(1) the official seal of the President’s Council 
on Physical Fitness and Sports consisting of the 
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eagle holding an olive branch and arrows with shield 
breast encircled by name ‘‘President’s Council on 
Physical Fitness and Sports’’ and consisting, de-
pending upon placement, of diagonal stripes; 
(2) the official seal of the Foundation; or 
(3) any trademark, trade name, sign, symbol, 
or insignia falsely representing association with or 
authorization by the President’s Council on Physical 
Fitness and Sports or the Foundation; 
shall be subject in a civil action by the Foundation for 
the remedies provided in the Act of July 9, 1946 (60 Stat. 
427; popularly known as the Trademark Act of 1946). 
(b) USES.—The Foundation, in conjunction with the 
President’s Council on Physical Fitness and Sports, may 
authorize contributors and suppliers of goods or services 
to use the trade name or the President’s Council on Phys-
ical Fitness and Sports and the Foundation as well as any 
trademark, seal, symbol, insignia, or emblem of the Presi-
dent’s Council on Physical Fitness and Sports or the 
Foundation in advertising that the contributors, goods, or 
services when donated, supplied, or furnished to or for the 
use of, or approved, selected, or used by the President’s 
Council on Physical Fitness and Sports or the Founda-
tion. 
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SEC. 6. VOLUNTEER STATUS. 
The Foundation may accept, without regard to the 
civil service classification laws, rules, or regulations, the 
services of volunteers in the performance of the functions 
authorized herein, in the manner provided for under sec-
tion 7(c) of the Fish and Wildlife Act of 1956 (16 U.S.C. 
742f(c)). 
SEC. 7. AUDIT, REPORT REQUIREMENTS, AND PETITION OF 
ATTORNEY GENERAL FOR EQUITABLE RE-
LIEF. 
(a) AUDITS.—For purposes of the Act entitled ‘‘An 
Act for audit of accounts of private corporations estab-
lished under Federal law’’, approved August 30, 1964 
(Public Law 88–504, 36 U.S.C. 1101–1103) the Founda-
tion shall be treated as a private corporation under Fed-
eral law. The Inspector General of the Department of 
Health and Human Services and the Comptroller General 
of the United States shall have access to the financial and 
other records of the Foundation, upon reasonable notice. 
(b) REPORT.—The Foundation shall, as soon as prac-
ticable after the end of each fiscal year, transmit to the 
Secretary of Health and Human Services and to Congress 
a report of its proceedings and activities during such year, 
including a full and complete statement of its receipts, ex-
penditures, and investments. 
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