36 U.S.C. § 31105 — 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

This law lists the basic powers of the corporation. It can adopt bylaws, hire staff, make contracts, and own or transfer property. It can also borrow money, sue, and be sued.

The corporation has seven powers. 1. It can adopt and change a constitution and bylaws to manage its property and run its affairs. 2. It can adopt and change a corporate seal. 3. It can pick its own officers, managers, agents, and employees, as needed for its work. 4. It can make contracts. 5. It can buy, own, lease, mortgage, and transfer property, whenever that is necessary or useful for the corporation's purposes. 6. It can borrow money, issue debt instruments like bonds, and back its promises to pay by giving security interests in its property. 7. It can sue other people, and other people can sue it.

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. 1327.)

history & why it existsrecord from the source credit

1998Enacted · Pub. L. 105-225 · 112 Stat. 1327

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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