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(3) contribute to the preservation historic mari-
time resources and give maximum encouragement to
organizations and individuals undertaking preserva-
tion by private means; and
(4) assist State and local governments to ex-
pand and accelerate their maritime historic preserva-
tion programs and activities.
SEC. 4. NATIONAL MARITIME TRUST.
(a) CREATION.—To further the policy enunciated in
this Act to facilitiate public participation in the preserva-
tion of maritime sites, buildings, and objects of signifi-
cance or interest, and to further the education of the
American public about the importance of our maritime
heritage, there is hereby created a charitable, educational,
and nonprofit corporation, to be known as the National
Maritime Trust.
(b) PURPOSE.—The purposes of the National Mari-
time Trust shall be to—
(1) receive donations of real property and ob-
jects significant in American maritime history and
culture;
(2) to preserve and administer them for public
benefits;
(3) to accept, hold, and administer gifts of
money, securities, or other property of whatsoever
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character for the purpose of carrying out a maritime
preservation and education program; and
(4) to execute other functions as are vested in
it by this Act.
(c) PRINCIPAL OFFICE.—The National Maritime
Trust shall have its principal office in the District of Co-
lumbia and shall be deemed, for purposes of venue in civil
actions, to be an inhabitant and resident thereof. The Na-
tional Maritime Trust may establish offices in other places
as it may deem necessary or appropriate in the conduct
of its business.
(d) ADMINISTRATION OF NATIONAL TRUST.—
(1) COMPOSITION OF BOARD OF TRUSTEES.—
(A) The affairs of the National Maritime
Trust shall be under the general direction of a
board of trustees composed as follows: the Sec-
retary of the Interior; the Secretary of Trans-
portation and the Secretary of the Navy, ex
officio; and not less than six general trustees
who shall be citizens of the United States, to be
chosen as hereinafter provided.
(B) The Secretary of the Interior, the Sec-
retary of Transportation, and the Secretary of
the Navy, when it appears desirable in the in-
terest of the conduct of the business of the
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board and to the extent as they deem it advis-
able, may, by written notice to the National
Maritime Trust, designate any officer of their
respective departments to act for them in the
discharge of their duties as a member of the
board of trustees.
(C) The number of general trustees shall
be—
(i) fixed by the Board of Trustees of
the National Maritime Trust;
(ii) chosen by the members of the Na-
tional Maritime Trust from its members at
any regular meeting of the National Mari-
time Trust; and
(iii) appointed by the Secretary of the
Interior.
(2) TERMS OF OFFICE.—the respective terms of
office of the general trustees shall be as prescribed
by the said board of trustees but in no case shall ex-
ceed a period of five years from the date of election.
A successor to a general trustee shall be chosen in
the same manner and shall have a term expiring five
years from the date of the expiration of the term for
which the trustees predecessor was chosen, except
that a successor chosen to fill a vacancy occurring
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prior to the expiration of such term shall be chosen
only for the remainder of that term. The chairman
of the board of trustees shall be elected by a major-
ity vote of the member of the board.
(3) COMPENSATION AND EXPENSES.—No com-
pensation shall be paid to the members of the board
of trustees for their services as such members, but
they shall be reimbursed for travel and actual ex-
penses necessary incurred by them in attending
board meetings and performing other official duties
on behalf of the National Maritime Trust at the di-
rection of the board.
(e) POWERS AND DUTIES OF NATIONAL MARITIME
TRUST.—To the extent necessary to enable it to carry out
the functions vested in it by this Act, the National Mari-
time Trust shall have the following general powers:
(1) To have succession until dissolved by Act of
Congress, in which event title to the properties of
the National Maritime Trust, both real and per-
sonal, shall, insofar as consistent with existing con-
tractual obligations and subject to all other legally
enforceable claims or demands by or against the Na-
tional Maritime Trust, at the discretion of the Sec-
retary of the Interior, pass to and become vested in
the United States of America;
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(2) To sue and be sued in its corporate name;
(3) To adopt, alter, and use a corporate seal
which shall be judicially noticed;
(4) To adopt a constitution and to make such
bylaws, rules, and regulations, not inconsistent with
the laws of the United States or of any State, as it
deems necessary for the administration of its func-
tions under this Act, including among other matter,
bylaws, rules, and regulations governing visitation to
maritime historic properties, administration of cor-
porate funds, and the organization and procedure of
the board of trustees;
(5) To accept, hold, and administer gifts and
bequests of money, securities, or other personal
property of whatsoever character, absolutely or in
trust, for the purposes for which the National Mari-
time Trust is created. Unless otherwise restricted by
the terms of the gift or bequest, the National Mari-
time Trust is authorized to sell, exchange, or other-
wise dispose of and to invest or reinvest in such in-
vestments as it may determine from time to time the
moneys, securities, or other property given or be-
queathed to it. The principal of such corporate
funds, together with the income therefrom and all
other revenues received by it from any source what-