Sec. 301. Corporate powers
372 words·~2 min read·
/bill/119/hr/7126/ih/section-301·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The Reserve— may adopt, alter, and use a seal, which may include an identifiable symbol of the United States; notwithstanding division C of subtitle I of title 41, United States Code, may make and perform with any person contracts, including no-cost contracts (as defined by the Reserve), grants, and other agreements, that are necessary for carrying out the functions of the Reserve; may lease, purchase, or otherwise acquire, improve, and use real property that is necessary to carry out the functions of the Reserve; may use the United States mails in the same manner and on the same conditions as the Executive departments (as defined in section 101 of title 5, United States Code); may contract with individuals for personal services, who shall not be considered Federal employees for any provision of law administered by the Director of the Office of Personnel Management; may hire or obtain passenger motor vehicles; may acquire, hold, or dispose of, on such terms and conditions as the Reserve may determine, any property (real, personal, or mixed), tangible or intangible, or any interest in such property; may lease office space for the use of the Reserve; may indemnify directors, officers, employees, and agents of the Reserve for liabilities and expenses incurred in connection with their activities on behalf of the Reserve; notwithstanding any other provision of law, may represent itself or contract for representation in any legal or arbitral proceeding; may exercise any priority of the Federal Government in collecting debts from bankrupt, insolvent, or decedents’ estates; may collect, notwithstanding section 3711(g)(1) of title 31, United States Code, or compromise any obligations assigned to or held by the Reserve, including any legal or equitable rights accruing to the Reserve; may sell direct investments of the Reserve to private investors on such terms and conditions as the Reserve may determine; and shall have such other powers as may be necessary and incident to carrying out the functions of the Reserve.
Notwithstanding any other provision of law relating to the acquisition, handling, or disposal of property by the United States, the Reserve shall have the right in its discretion to complete, recondition, reconstruct, renovate, repair, maintain, operate, or sell any property acquired by the Reserve pursuant to this Act.