§ 220305. Powers

519 words·~2 min read·/usc/title-36/section-220305

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

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, and agents 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;

(7)produce, buy, and market commemorative medals, souvenirs, publications, pictures, and cinemas consistent with the purposes of the corporation;

(8)charge and collect membership dues;

(9)conduct fund raising campaigns and accept contributions;

(10)sue and be sued; and

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

(Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1464.)

In this section, the text of 36:1216 (1st sentence) is omitted as executed and obsolete.

In clause (1), the word “apply” is omitted as unnecessary. The word “alter” is omitted as included in “amend”. The words “not inconsistent with the laws of the United States of America or any State in which the corporation is to operate” are omitted as unnecessary.

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

In clause (3), the word “activities” is substituted for “business” for consistency in the revised title.

In clause (4), the words “make contracts” are substituted for “contract and be contracted with” for consistency in the revised title and to eliminate unnecessary words.

Clause

(5)is substituted for “take hold by lease, gift, purchase, grant, devise, bequest, or otherwise any property, real, personal, or mixed, necessary or convenient for attaining the objects of the corporation” and “transfer, lease, or convey real or personal property” for consistency in the revised title and to eliminate unnecessary words. The words “subject, however, 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 or real and personal property which may be held by, or

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

In clause (6), the words “for the purposes of the corporation” are omitted as unnecessary. The words “instruments of indebtedness, and secure its obligations by granting security interests in its property” are substituted for “bonds or other evidences of indebtedness therefor and secure the same mortgage or pledge” for consistency in the revised title. The words “subject to applicable Federal or State laws” are omitted as unnecessary.

Clause

(7)is substituted for 36:1204(k) and

(l)to eliminate unnecessary words.

In clause (9), the words “from individuals, corporations, and other bodies, foundations, and organizations” are omitted as unnecessary.

In clause (10), the words “complain, and defend in any court of competent jurisdiction” are omitted as unnecessary.

In clause (11), the words “any other act” are substituted for “any and all acts” for consistency in the revised title.

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Pub. L. 105–225
112 Stat. 1464

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§ 220305

Powers

Pub. L.Pub. L. 105–225

Stat.112 Stat. 1464

Cites 2Cited by 0 across 0 sources