[Code of Federal Regulations]
[Title 43, Volume 1]
[Revised as of October 1, 2002]
From the U.S. Government Printing Office via GPO Access
[CITE: 43CFR29.4]

[Page 470]
 
                    TITLE 43--PUBLIC LANDS: INTERIOR
 
PART 29--TRANS-ALASKA PIPELINE LIABILITY FUND--Table of Contents
 
Sec. 29.4  General powers.

    The Fund shall have such powers as may be necessary and appropriate 
for the exercise of the powers herein specifically and impliedly 
conferred upon the Fund and all such incidental powers as are customary 
in non-profit corporations generally, including but not limited to the 
following:
    (a) By resolution of the Board of Trustees, the fund shall adopt a 
corporate seal.
    (b) The Fund may sue and be sued in its corporate name and may 
employ counsel to represent it.
    (c) The Fund shall be a resident of the State of Alaska with its 
principal place of business in Alaska, and the Board of Trustees shall 
establish a business office or offices as deemed necessary for the 
operation of the Fund.
    (d) In any civil action for the recovery of damages resulting from 
an incident, the Fund shall waive personal jurisdiction upon being 
furnished with a copy of the summons and complaint in the action.
    (e) The Board of Trustees of the Fund, by a majority of those 
present and voting, shall adopt and may amend and repeal by-laws 
governing the performance of its statutory duties.
    (f) The Fund shall do all things necessary and proper in conducting 
its activities as Trustee including
    (1) Receipt of fee collections pursuant to section 204(c)(6) of the 
Act;
    (2) Payment of costs and expenses reasonably necessary to the 
administration of the Fund as well as costs required to satisfy claims 
against the Fund;
    (3) Investment of all sums not needed for administration and the 
satisfaction of claims in income-producing securities as hereinafter 
provided; and
    (4) Seeking recovery of any monies to which it is entitled as 
subrogee under circumstances set forth in section 204(c)(8) of the Act.
    (g) The Fund shall determine the character of and the necessity for 
its obligations and expenditures, and the manner in which they shall be 
incurred, allowed, and paid. The Board of Trustees shall establish an 
annual budget, subject to the approval of the Secretary.
    (h) All costs and expenses reasonably necessary to the 
administration of the Fund, including costs and expenses incident to the 
termination, settlement, or payment of claims, are properly chargeable 
as expenses and payable out of fees or other income of the Fund.