36 USC 151305 - Powers

U.S Code last checked for updates: Nov 23, 2024

§ 151305.

Powers

(a)

General.—

The corporation may—

(1)

adopt a constitution and bylaws;

(2)

adopt a seal which shall be judicially noticed; and

(3)

do any other act necessary to carry out this chapter.

(b)

Powers as Trustee.—

To carry out its purposes, the corporation has the usual powers of a corporation acting as a trustee in Maryland, including the power—

(1)

to accept, receive, solicit, hold, administer, and use any gift, devise, or bequest, either absolutely or in trust, of property or any income from or other interest in the property;

(2)

unless otherwise required by the instrument of transfer, to sell, donate, lease, invest, or otherwise dispose of any property or income from the property;

(3)

to make contracts and other arrangements with public agencies and private organizations and persons and to make payments necessary to carry out its functions;

(4)

to sue and be sued; and

(5)

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

(Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1400; Pub. L. 105–354, § 1(9), Nov. 3, 1998, 112 Stat. 3244.)

cite as: 36 USC 151305