§ 150506. Powers

486 words·~2 min read·/usc/title-36/section-150506

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The corporation has the powers provided in its bylaws and articles of incorporation filed in the State in which it is incorporated, including the power to—

(1)adopt bylaws and regulations for the management of its property and the regulation of its affairs;

(2)adopt and alter a corporate seal;

(3)adopt emblems and badges;

(4)choose officers, managers, and agents as the activities of the corporation require;

(5)make contracts;

(6)acquire, own, lease, encumber, and transfer property as necessary to carry out the purposes of the corporation;

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

(8)publish a magazine, newspaper, and other publications consistent with the purposes of the corporation;

(9)sue and be sued; and

(10)do any other act necessary and proper to carry out the purposes of the corporation.

(Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1390.)

In this section, the text of 36:408 is omitted as executed and obsolete.

In clause (1), the word “adopt” is substituted for “ordain and establish” for consistency in the revised title. The words “not inconsistent with the laws of the United States of America or of any State in which the corporation operates” are omitted as unnecessary.

In clause (2), the word “use” is omitted as unnecessary.

In clause (3), the word “adopt” is substituted for “use and display . . . as it may adopt” for consistency in the revised title and to eliminate unnecessary words.

In clause (4), the word “activities” is substituted for “business” for consistency in the revised title.

In clause (5), the words “make contracts” are substituted for “contract and be contracted with” for consistency in the revised title and to eliminate unnecessary words.

Clause

(6)is substituted for “take and hold by lease, gift, purchase, grant, devise, or bequest any property, real or personal, necessary for carrying into effect the purposes of the corporation” and “transfer or convey real or personal property” for consistency in the revised title and to eliminate unnecessary words. The words “subject to applicable provisions of law of any State

(1)governing the amount or kind of real and personal property which may be held by, or

(2)otherwise limiting or controlling the ownership of real and personal property by, a corporation operating in such State” are omitted as unnecessary.

In clause (7), the words “for the purposes of the corporation” are omitted as unnecessary. The words “issue instruments of indebtedness, and secure its obligations by granting security interests in its property” are substituted for “issue notes, bonds, or other evidences of indebtedness therefor, and secure the same by mortgage” for consistency in the revised title. The words “subject in every case to all applicable provisions of Federal or State law” are omitted as unnecessary.

In clause (9), the words “complain and defend in any court of competent jurisdiction” are omitted as unnecessary.

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Pub. L. 105–225
112 Stat. 1390

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§ 150506

Powers

Pub. L.Pub. L. 105–225

Stat.112 Stat. 1390

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