Powers

Source Credit

(a) General.—The corporation may—
(1) make its own organization, including adopting a constitution, bylaws, and regulations;
(2) provide for the election of domestic and foreign members, their division into classes, and other matters needful or usual in such an institution;
(3) fill vacancies; and
(4) report its actions under this subsection to Congress.
(b) Property.—(1) The corporation may—
(A) receive property by devise, bequest, donation, or otherwise;
(B) hold the property absolutely or in trust;
(C) manage and invest the property as provided in the constitution of the corporation; and
(D) use the property and income from the property to carry out the purposes of the corporation, subject to instructions of donors.
(2) Congress at any time may limit the amount of real estate the corporation may acquire and the amount of time it may be held.

History

(Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1388.)

Editorial Notes

In subsection (a)(1), the word "rules" is omitted as included in "regulations".
In subsection (a)(2), the words "their division" are substituted for "the division" for clarity.
In subsection (a)(3), the words "created by death, resignation, or otherwise" are omitted as unnecessary.
In subsection (a)(4), the words "its actions under this subsection" are substituted for "the same" for clarity.
In subsection (b)(1), before clause (A), the word "may" is substituted for "be, and the same is, authorized and empowered to" for consistency in the revised title and to eliminate unnecessary words. In clause (A), the words "either real or personal" are omitted as unnecessary and for consistency in the revised title. In clause (C), the word "reinvest" is omitted as unnecessary.