§ 40505. Powers

385 words·~2 min read·/usc/title-36/section-40505

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)charge and collect membership dues;

(5)make contracts;

(6)acquire, own, lease, encumber, and transfer property as necessary or convenient 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)sue and be sued; and

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

(Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1333.)

In this section, the text of 36:806 is omitted as executed and obsolete.

In clause (1), the words “apply, and alter” and “not inconsistent with the laws of the United States of America or any State in which the corporation is to operate” are omitted as [un]necessary.

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

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

Clause

(6)is substituted for “take and 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,

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

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

In clause (8), the words “complain and defend in any court of competent jurisdiction” are omitted as unnecessary.

Connections2 off-index

2 references not yet in our index

Pub. L. 105–225
112 Stat. 1333

Citation graph

cites case law

§ 40505

Powers

Pub. L.Pub. L. 105–225

Stat.112 Stat. 1333

Cites 2Cited by 0 across 0 sources