36 U.S.C. § 22305 — Powers

submitted 28 years ago by Pub. L. 105-225 to r/title-36-PATRIOTIC-AND-NATIONAL-OBSERVANCES-CEREMONIES-AND-ORGANIZATIONS · 91 words · no verdicts yet

in plain englishAI-generated · not legal advice

The corporation has the normal powers of a corporation. It can adopt bylaws, hire staff, make contracts, and own or transfer property for its purposes. It can also borrow money, back its debts with its own property, and sue or be sued.

The corporation may do the following things. (1) Adopt and change a constitution and bylaws to manage its property and run its affairs. (2) Adopt and change a corporate seal. (3) Choose officers, managers, agents, and employees as its work requires. (4) Make contracts. (5) Acquire, own, lease, mortgage, and transfer property, as needed to carry out its purposes. (6) Borrow money, issue debt instruments, and use its own property as security ("collateral") for what it owes. (7) Sue other people or organizations, and be sued by them.

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)

choose officers, managers, agents, and employees as the activities of the corporation require;

(4)

make contracts;

(5)

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

(6)

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

(7)

sue and be sued.

Source credit: (Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1302.)

history & why it existsrecord from the source credit

1998Enacted · Pub. L. 105-225 · 112 Stat. 1302

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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