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
The corporation may adopt governing documents and take needed actions. As a trustee, it may accept, manage, acquire, transfer, and use property, borrow money, contract, and sue or be sued, including accepting certain restricted gifts.
(a) General.—The corporation may: (1) adopt a constitution and bylaws; (2) adopt a seal that courts must recognize; and (3) take any other action needed 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 where its principal office is located. These include: (1) accepting, receiving, asking for, holding, managing, and using any gift, devise, or bequest, outright or in trust, of property or income from or another interest in property; (2) acquiring property or an interest in property by purchase or exchange; (3) unless a transfer document requires otherwise, selling, donating, leasing, investing, or otherwise disposing of property or income from property; (4) borrowing money and issuing debt instruments; (5) making contracts and arrangements with public agencies, private organizations, and people, and making payments needed for its functions; (6) suing and being sued; and (7) taking any other action needed and proper for its purposes. (c) Encumbered or Restricted Gifts.—The corporation may accept a gift, devise, or bequest even if it has a burden, restriction, or beneficial interest for private people, if any present or future interest benefits the corporation.
The corporation may—
adopt a constitution and bylaws;
adopt a seal which shall be judicially noticed; and
do any other act necessary to carry out this chapter.
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—
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;
to acquire property or an interest in property by purchase or exchange;
unless otherwise required by an instrument of transfer, to sell, donate, lease, invest, or otherwise dispose of any property or income from property;
to borrow money and issue instruments of indebtedness;
to make contracts and other arrangements with public agencies and private organizations and persons and to make payments necessary to carry out its functions;
to sue and be sued; and
to do any other act necessary and proper to carry out the purposes of the corporation.
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.)
- 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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