“(a) In General.—The Foundation—“(1) shall have perpetual succession;
“(2) may conduct business throughout the several 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.
The serving of notice to, or service of process upon, the agent required under paragraph (4), or mailed to the business 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 may be used as provided for in section 5.
“(c) Incorporation; Nonprofit Status.—To carry out the purposes of the Foundation under section 2, the Board shall—“(1) incorporate the Foundation in the District of Columbia; and
“(2) establish such policies and bylaws as may be necessary to ensure that the Foundation maintains status as an organization that is described in section 501(c)(3) of the Internal Revenue Code of 1986 [26 U.S.C. 501(c)(3)].
“(d) Powers.—Subject to the specific provisions of section 2, the Foundation, in consultation with the Office of the President’s Council on Fitness, Sports, and Nutrition, shall have the power, directly or by the awarding of contracts or grants, to carry out or support activities for the purposes described in such section.
“(e) Treatment of Property.—For purposes of this Act, an interest in real property shall be treated as including easements or other rights for preservation, conservation, protection, or enhancement by and for the public of natural, scenic, historic, scientific, educational inspirational or recreational resources. A gift, devise, 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 interest therein is for the benefit of the Foundation.