Pub. L. 92-226, pt. IV, sec. 406

Sec. 406. Part IV of the Foreign Assistance Act of 1969 is amended as follows: (1) Strike out the title of such part, and insert in lieu thereof the following: “PART IV—THE INTER AMERICAN FOUNDATION ACT”. (2) The caption of section 401 and subsection (a) of such section of that part are amended to read as follows: “Inter-American Foundation.—(a) There is created as an agency of the United States of America a body corporate to be known as the Inter-American Foundation (hereinafter in this section referred to as the ‘Foundation’).” (3) Section 401 of such part is amended by striking out “Institute” wherever it appears and inserting in lieu thereof “Foundation”. (4) Section 401(e) (4) of such part is amended to read as follows: “(4) shall determine and prescribe the manner in which its obligations shall be incurred and its expenses, including expenses for representation (not to exceed $10,000 in any fiscal year), allowed and paid;”. (5) Section 401 (1) is amended to read as follows: “(l) (1) The chief executive officer of the Foundation shall be a President who shall be appointed by the Board of Directors on such terms as the Board may determine. The President shall receive compensation at the rate provided for level IV of the Executive Schedule under section 5315 of title 5, United States Code. 86 Stat. 35 “(2) Experts and consultants, or organizations thereof, may be employed as authorized by section 3109 of title 5, United States Code.”.