36-U.S.C.-110304

36-U.S.C.-110304

§110304 – Powers

Pathway

Title 36 > Subtitle II > Part B > Chapter 1103 > Section 110304

Details

  • Reference: Section 110304
  • Legend: §110304 – Powers
  • USCode Year: 2013

Provision Content

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) make contracts;

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

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

(6) sue and be sued.

(Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1369.)

Historical and Revision Notes
Revised
Section
Source (U.S. Code) Source (Statutes at Large)
110304 36:914(b)–(h). Sept. 2, 1958, Pub. L. 85–903, §§4(b)–(h), 15, 72 Stat. 1739, 1741.
  36:925.  

In this section, the text of 36:925 is omitted as executed and obsolete.

In clause (1), the word alter is omitted as included in amend. The words not inconsistent with the laws of the United States and said constitution and bylaws should likewise not be inconsistent with the laws of 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 words make contracts are substituted for contract and be contracted with for consistency in the revised title.

Clause (4) is substituted for to take by lease, gift, purchase, grant, devise, or bequest from any private corporation, association, partnership, firm, or individual, and to hold any property, real, personal, or mixed, necessary or convenient for attaining the objects and carrying into effect the purposes of the corporation and to transfer, convey, lease, sublease, encumber, and otherwise alienate real, personal, or mixed 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 property which may be held by, or (B) otherwise limiting or controlling the ownership of property by, a corporation operating in such State are omitted as unnecessary.

In clause (5), 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 bonds therefor, and secure the same by mortgage, deed of trust, pledge, or otherwise for consistency in the revised title. The words subject in every case to all applicable provisions of Federal and State laws are omitted as unnecessary.

In clause (6), the words complain and defend in any court of competent jurisdiction are omitted as unnecessary.

U.S. Encyclopedia of Law Coverage

36-U.S.C.-100107 in the Legal Encyclopedia: Patriotic Organizations

In this entry about 36-U.S.C.-100107, find legal reference material, bibliographies and premiere content related to patriotic organizations in the American Encyclopedia of Law, presenting a comprehensive view of the United States patriotic organizations-specific issues, written by authorities in the field.

36-U.S.C.-110101 in the Legal Encyclopedia: War

In this entry about 36-U.S.C.-110101, find legal reference material, bibliographies and premiere content related to war in the American Encyclopedia of Law, presenting a comprehensive view of the United States war-specific issues, written by authorities in the field.

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