36 U.S.C. § 140505 — Powers

submitted 28 years ago by Pub. L. 105-225 to r/title-36-PATRIOTIC-AND-NATIONAL-OBSERVANCES-CEREMONIES-AND-ORGANIZATIONS · 83 words · no verdicts yet

in plain englishAI-generated · not legal advice

This law lists the corporation's powers. It may adopt a constitution and bylaws, make contracts, and buy, sell, or borrow against property. It may also borrow money, collect dues, and sue or be sued.

The corporation may: (1) Adopt and change a constitution and bylaws to manage its property and run its affairs. (2) Adopt and change a corporate seal. (3) Make contracts. (4) Buy, own, rent out, borrow against, and sell property, whenever this is necessary or useful for carrying out the corporation's purposes. (5) Borrow money, issue instruments of indebtedness (like bonds or notes), and secure its debts by giving lenders a security interest in its property. (6) Charge and collect membership dues. (7) Sue other people and be sued by other people.

the actual law source: uscode.house.gov ↗public domain

The corporation may—

(1)

adopt and amend a constitution and bylaws for the management of its property and the regulation of its affairs;

(2)

adopt and alter a corporate seal;

(3)

make contracts;

(4)

acquire, own, lease, encumber, and transfer property as necessary or convenient to carry out the purposes of the corporation;

(5)

borrow money, issue instruments of indebtedness, and secure its obligations by granting security interests in its property;

(6)

charge and collect membership dues; and

(7)

sue and be sued.

Source credit: (Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1382.)

history & why it existsrecord from the source credit

1998Enacted · Pub. L. 105-225 · 112 Stat. 1382

A history note hasn’t been published yet. The record shows enactment by Pub. L. 105-225 on 1998-08-12.

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