CHAPTER 1519 —NATIONAL FUND FOR MEDICAL EDUCATION
§151901. Organization
(a)
(b)
(c)
(
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 151901 | 36:601. | Aug. 28, 1954, ch. 1036, §§1, 2, 4(1), |
| 36:602. 36:604(1). |
This section is substituted for the source provisions for consistency in the revised title and to eliminate unnecessary and executed words.
§151902. Purposes
The purposes of the corporation are to raise from private sources, administer, and disperse funds for medical education, and in carrying out those purposes, to take other appropriate action to promote—
(1) the interpretation of the needs of medical education to the American public;
(2) the encouragement of the growth, development, and advancement of constantly improving standards and methods in the education and training of all medical personnel in the United States; and
(3) the preservation of academic freedom in the institutions of medical education.
(
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 151902 | 36:603. | Aug. 28, 1954, ch. 1036, §3, |
The words "in carrying out those purposes" are substituted for "in connection therewith" for clarity. In clause (2), the word "personnel" is substituted for "manpower" to use a word that is gender-neutral.
§151903. Membership
(a)
(b)
(
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 151903 | 36:606. | Aug. 28, 1954, ch. 1036, §6, |
In subsection (a), the words "are as provided in the constitution and bylaws of the corporation" are substituted for "shall . . . be determined as the constitution and bylaws of the corporation may provide" for consistency in the revised title and to eliminate unnecessary words.
In subsection (b), the words "the right to" are omitted as unnecessary.
§151904. Governing body
(a)
(2) The number of directors, their manner of selection (including the filling of vacancies), and their term of office are as provided in the constitution and bylaws of the corporation. However—
(A) the corporation shall have at least 15 but not more than 25 directors; and
(B) at least four of the directors shall be members of the medical profession.
(b)
(2) The manner of election, term of office, and duties of the officers are as provided in the constitution and bylaws.
(
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 151904(a) | 36:607. | Aug. 28, 1954, ch. 1036, §§7, 8, |
| 151904(b) | 36:608. |
In subsection (a), the text of 36:607(a) is omitted as obsolete. In paragraph (1), the words "control of all funds of the corporation" are substituted for "control of all contributed funds as may be raised by the corporation" to eliminate unnecessary words.
§151905. Powers
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, employees, and agents as the activities of the corporation require;
(4) make contracts;
(5) acquire, own, lease, encumber, and transfer property as necessary or convenient to carry out the purposes of the corporation;
(6) borrow money, issue instruments of indebtedness, and secure its obligations by granting security interests in its property; and
(7) sue and be sued.
(
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 151905 | 36:604(2)–(9). | Aug. 28, 1954, ch. 1036, §§4(2)–(9), 16, |
| 36:616. |
In this section, the text of 36:616 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 or 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 word "activities" is substituted for "business" for consistency in the revised title.
Clause (5) is substituted for "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 "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 (6), 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 (7), the words "complain and defend in any court of competent jurisdiction" are omitted as unnecessary.
§151906. Restrictions
(a)
(b)
(c)
(d)
(
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 151906(a) | 36:612. | Aug. 28, 1954, ch. 1036, §§9, 10, 12, |
| 151906(b) | 36:610. | |
| 151906(c) | 36:609(a). | |
| 151906(d) | 36:609(b). |
In subsection (a), the words "any shares of" are omitted as unnecessary.
In subsection (c), the words "inure to the benefit of" are substituted for "inure to" for consistency in the revised title. The words "This subsection does not" are substituted for "Nothing in this subsection, however, shall be construed to" for consistency in the revised title and to eliminate unnecessary words.
In subsection (d), the words "or advance" are added in 2 places for consistency in the subsection.
§151907. Principal office
The principal office of the corporation shall be in New York, New York, or another place decided by the board of directors. However, the activities of the corporation are not confined to the place where the principal office is located but may be conducted throughout the States, territories, and possessions of the United States.
(
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 151907 | 36:605(a). | Aug. 28, 1954, ch. 1036, §5(a), |
The word "various" is omitted as unnecessary.
§151908. Records and inspection
(a)
(1) correct and complete records of account;
(2) minutes of the proceedings of its members, board of directors, and committees having any of the authority of its board of directors; and
(3) at its principal office, a record of the names and addresses of its members entitled to vote.
(b)
(
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 151908 | 36:613. | Aug. 28, 1954, ch. 1036, §13, |
The word "records" is substituted for "books and records" for consistency in the revised title and with other titles of the United States Code.
§151909. Service of process
The corporation shall have a designated agent in the District of Columbia to receive service of process for the corporation. Notice to or service on the agent, or mailed to the business address of the agent, is notice to or service on the corporation.
(
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 151909 | 36:605(b). | Aug. 28, 1954, ch. 1036, §5(b), |
§151910. Liability for acts of officers and agents
The corporation is liable for the acts of its officers and agents acting within the scope of their authority.
(
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 151910 | 36:611. | Aug. 28, 1954, ch. 1036, §11, |
§151911. Distribution of assets on dissolution or final liquidation
On dissolution or final liquidation of the corporation, any assets remaining after the discharge of all liabilities shall be distributed as provided by the board of directors, but in compliance with the constitution and bylaws of the corporation.
(
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 151911 | 36:615. | Aug. 28, 1954, ch. 1036, §15, |
The word "satisfaction" is omitted as included in "discharge", and the word "obligations" is omitted as included in "liabilities". The words "outstanding" and "all Federal and State laws applicable thereto" are omitted as unnecessary.