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To demand and receive from all persons, firms, companies or other bodies indebted to the Foundation all debts and other sums of money now or at any time hereafter owing from them, and to give and execute all necessary receipts and discharge from the same with power to accept security and give time for payment of any debt or part thereof, and upon failure to pay any such debt to institute and prosecute any legal or other proceedings authorized by law for obtaining payment of the same which may seem proper or expedient to the said Attorney.