54 U.S.C. § 101115 — Corporate succession and powers and duties acting as trustee; personal liability for malfeasance
submitted 12 years ago by Pub. L. 113-287 to r/title-54-NATIONAL-PARK-SERVICE-AND-RELATED-PROGRAMS · 71 words · no verdicts yet
The National Park Foundation exists forever as a legal entity. It has all the normal powers of a corporate trustee, including the right to sue and be sued in its own name. Board members are not personally liable unless they commit malfeasance.
(a) Perpetual Succession. The National Park Foundation continues to exist forever. It doesn't end when its members change or after a certain number of years.
(b) Powers and Duties of Trustee. The Foundation has all the normal powers and duties that a corporation has when it acts as a trustee. This includes the power to sue other people and the power to be sued by other people, using its own name.
(c) Personal Liability of Board Members. The people who sit on the Foundation's Board are not personally responsible for the Foundation's debts or problems. The only exception is malfeasance — wrongdoing by a board member in their official role. If a board member commits malfeasance, that member can be held personally liable.
The National Park Foundation shall have perpetual succession.
The National Park Foundation shall have all the usual powers and obligations of a corporation acting as a trustee, including the power to sue and to be sued in its own name.
The members of the Board shall not be personally liable, except for malfeasance.
Source credit: (Pub. L. 113–287, § 3, Dec. 19, 2014, 128 Stat. 3121.)
- 2014Enacted · Pub. L. 113-287 · 128 Stat. 3121
A history note hasn’t been published yet. The record shows enactment by Pub. L. 113-287 on 2014-12-19.
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