FEDERAL · 36 U.S.C. · Chapter 205
Powers
Current through Pub. L. 119-102
The corporation may—
(1)adopt a constitution, bylaws, and regulations;
(2)fill vacancies;
(3)provide for the election of members and the division of those members into classes;
(4)receive property, hold the property absolutely or in trust, invest and manage the property, and use the property and income arising from it to carry out the purposes of the corporation; and
(5)do any other act necessary and proper to carry out the purposes of the corporation.
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36 U.S.C. § 20503 (Powers) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Source Credit
History
(Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1287.)
Editorial Notes
Before clause (1), the word "may" is substituted for "shall have power to" in 36:3203 and "be, and the same is hereby, authorized and empowered to" in 36:3205 for consistency in the revised title and to eliminate unnecessary words.
In clause (1), the word "adopt" is substituted for "make" for consistency in the revised title. The word "regulations" is substituted for "rules, and regulations" to avoid redundancy. The words "its own organization" are omitted as included in "constitution, bylaws, and regulations".
In clause (2), the words "created by death, resignation, or otherwise" are omitted as unnecessary.
In clause (4), the words "by devise, bequest, donation, or otherwise, either real or personal" and "reinvest" are omitted as unnecessary. The words "use . . . to carry out the purposes of the corporation" are substituted for "apply . . . to the objects of its creation" for clarity and consistency.
Clause (5) is substituted for "all other matters needful and useful to promote the objects of the society" for consistency in the revised title.
In clause (1), the word "adopt" is substituted for "make" for consistency in the revised title. The word "regulations" is substituted for "rules, and regulations" to avoid redundancy. The words "its own organization" are omitted as included in "constitution, bylaws, and regulations".
In clause (2), the words "created by death, resignation, or otherwise" are omitted as unnecessary.
In clause (4), the words "by devise, bequest, donation, or otherwise, either real or personal" and "reinvest" are omitted as unnecessary. The words "use . . . to carry out the purposes of the corporation" are substituted for "apply . . . to the objects of its creation" for clarity and consistency.
Clause (5) is substituted for "all other matters needful and useful to promote the objects of the society" for consistency in the revised title.