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15 U.S.C. § 146 — General powers of corporation

submitted 104 years ago by ch. 346 to r/title-15-COMMERCE-AND-TRADE · 160 words · no verdicts yet

in plain englishAI-generated · not legal advice

This law lists extra powers a China Trade Act corporation has, on top of powers granted elsewhere in the law. It can exist continuously, have a corporate seal, sue and be sued, do business connected to its purpose, make contracts, own property, borrow money, and open branch offices in China.

On top of the powers granted elsewhere in this chapter, a China Trade Act corporation has these additional powers: (a) It has the right of succession during its existence — meaning it keeps existing as the same legal entity over time, even as people involved with it change. (b) It has a corporate seal, and may change that seal with the Secretary's approval. (c) It may sue other people or organizations, and may itself be sued. (d) It may conduct the business named in its articles of incorporation, plus any further business properly connected to that purpose, or necessary and incidental to it. (e) It may make contracts and take on liabilities. (f) It may acquire and hold real or personal property needed to carry out its purpose, and may dispose of that property once it is no longer needed. (g) It may borrow money, and may issue notes, coupon bonds, registered bonds, or other evidence of debt, securing repayment with a mortgage on its property. (h) It may set up branch offices at places in China that it considers advisable.
the actual law source: uscode.house.gov ↗public domain

In addition to the powers granted elsewhere in this chapter, a China Trade Act corporation—

(a)

Shall have the right of succession during the existence of the corporation;

(b)

Shall have a corporate seal and may, with the approval of the Secretary, alter it;

(c)

May sue and be sued;

(d)

Shall have the right to transact the business authorized by its articles of incorporation and such further business as is properly connected therewith or necessary and incidental thereto;

(e)

May make contracts and incur liabilities;

(f)

May acquire and hold real or personal property, necessary to effect the purpose for which it is formed, and dispose of such property when no longer needed for such purposes;

(g)

May borrow money and issue its notes, coupon or registered bonds, or other evidences of debt, and secure their payment by a mortgage of its property; and

(h)

May establish such branch offices at such places in China as it deems advisable.

Source credit: (Sept. 19, 1922, ch. 346, § 6, 42 Stat. 851; Feb. 26, 1925, ch. 345, § 6, 43 Stat. 996.)

history & why it existsrecord from the source credit
  • 1922Enacted · Act of Sept. 19, 1922, ch. 346 · 42 Stat. 851
  • 1925Amended · Act of Feb. 26, 1925, ch. 345 · 43 Stat. 996

A history note hasn’t been published yet. The record shows enactment by ch. 346 on 1922-09-19.

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