15 U.S.C. § 503
Purpose of Foundation
(a) Scientific and economic researchThe purposes of the corporation shall be to administer and expend its funds and other property for scientific and economic research for the benefit and development of the textile industry, its allied branches, and including that of production of raw materials.
(b) Payment by Textile Alliance, IncorporatedThe Textile Alliance, Incorporated, is authorized to pay to the corporation the amounts payable in accordance with the arrangement between the Textile Alliance, Incorporated, and the Department of State, in lieu of paying such amounts into the United States Treasury; except that any amounts payable in accordance with such arrangement, and paid into the United States Treasury before June 10, 1930, are authorized to be appropriated to the credit of the corporation. Upon the receipt by the corporation of such amounts the liability of the Textile Alliance, Incorporated, under such arrangement shall be extinguished.
(June 10, 1930, ch. 440, § 3, 46 Stat. 539.)
Notes of Decisions
In Re Armorflite Precision, Inc., 48 B.R. 994 (D. Me. 1985).
“This case is on appeal from a judgment of the bankruptcy court which denied, in major part, the request of Equilease Corporation under 15 U.S.C. § 503 (b) for payment of administrative expenses relating to the use by debtor of lathes owned by Equi-lease.”
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