36 U.S.C. § 151705 — Powers

submitted 28 years ago by Pub. L. 105-225 to r/title-36-PATRIOTIC-AND-NATIONAL-OBSERVANCES-CEREMONIES-AND-ORGANIZATIONS · 241 words · no verdicts yet

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The foundation can adopt bylaws, use an official seal, and act like a trustee. It can accept gifts, buy and sell property, borrow money, make contracts, and sue or be sued. It can even accept a gift that has strings attached, as long as the foundation benefits at some point.

(a) General. The corporation can adopt a constitution and bylaws. It can adopt an official seal that courts must recognize without proof. It can also do any other act it needs to carry out this chapter. (b) Powers as Trustee. To carry out its purposes, the corporation has the usual powers of a trustee corporation, under the law of wherever its main office is located. This includes the power to: (1) accept, receive, ask for, hold, manage, and use any gift, will, or bequest of property or income, either outright or in trust; (2) get property or a share of property, by buying it or trading for it; (3) sell, give away, rent out, invest, or otherwise dispose of property or income from it, unless the document transferring the property says otherwise; (4) borrow money and issue debt instruments; (5) make contracts and deals with public agencies and private organizations and people, and make necessary payments; (6) sue and be sued; and (7) do any other act necessary and proper to carry out its purposes. (c) Encumbered or Restricted Gifts. The corporation can accept a gift, will, or bequest even if it comes with debt attached, has restrictions, or is subject to another private person's interest — as long as the corporation benefits from it at some point, now or in the future.

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

(a)General.—

The corporation may—

(1)

adopt a constitution and bylaws;

(2)

adopt a seal which shall be judicially noticed; and

(3)

do any other act necessary to carry out this chapter.

(b)Powers as Trustee.—

To carry out its purposes, the corporation has the usual powers of a corporation acting as a trustee in the jurisdiction in which the principal office of the corporation is located, including the power—

(1)

to accept, receive, solicit, hold, administer, and use any gift, devise, or bequest, either absolutely or in trust, of property or any income from or other interest in property;

(2)

to acquire property or an interest in property by purchase or exchange;

(3)

unless otherwise required by an instrument of transfer, to sell, donate, lease, invest, or otherwise dispose of any property or income from property;

(4)

to borrow money and issue instruments of indebtedness;

(5)

to make contracts and other arrangements with public agencies and private organizations and persons and to make payments necessary to carry out its functions;

(6)

to sue and be sued; and

(7)

to do any other act necessary and proper to carry out the purposes of the corporation.

(c)Encumbered or Restricted Gifts.—

A gift, devise, or bequest may be accepted by the corporation even though it is encumbered, restricted, or subject to beneficial interests of private persons, if any current or future interest is for the benefit of the corporation.

Source credit: (Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1405; Pub. L. 109–9, title III, § 312(b), Apr. 27, 2005, 119 Stat. 226; Pub. L. 113–237, § 3(c)(5), Dec. 18, 2014, 128 Stat. 2840.)

history & why it existsrecord from the source credit

1998Enacted · Pub. L. 105-225 · 112 Stat. 1405
2005Amended · Pub. L. 109-9 · 119 Stat. 226
2014Amended · Pub. L. 113-237 · 128 Stat. 2840

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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