36 U.S.C. § 20304 — Powers

submitted 28 years ago by Pub. L. 105-225 to r/title-36-PATRIOTIC-AND-NATIONAL-OBSERVANCES-CEREMONIES-AND-ORGANIZATIONS · 68 words · no verdicts yet

in plain englishAI-generated · not legal advice

This law lists the basic powers of a federally chartered corporation. It can make its own rules, fill open positions, admit different types of members, and accept and manage donated property.

This section gives the corporation five specific powers. (1) It may adopt its own bylaws and regulations to govern itself. (2) It may fill vacancies, meaning open leadership or member positions. (3) It may set up ways to elect foreign, domestic, or honorary associate members, and it may sort those members into different classes or categories. (4) It may accept gifts and donations of property left to it (bequests) or given to it. It can hold that property in trust and invest it, as long as the money is used to support the corporation's purpose. (5) It may also do any other ordinary act that a corporation like this one would normally need to do to operate.

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

The corporation may—

(1)

adopt bylaws and regulations;

(2)

fill vacancies;

(3)

provide for the election of foreign, domestic, or honorary associate members, and the division of those members into classes;

(4)

receive bequests and donations of property, hold the property in trust, and invest the property to carry out the purpose of the corporation; and

(5)

do any other act necessary or usual for such a corporation.

Source credit: (Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1286.)

history & why it existsrecord from the source credit

1998Enacted · Pub. L. 105-225 · 112 Stat. 1286

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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