§151105. Powers
The corporation may—
(1) adopt and amend bylaws;
(2) adopt and alter a corporate seal;
(3) acquire, own, lease, encumber, and transfer property to carry out the purposes of the corporation;
(4) accept and administer a trust for educational purposes;
(5) borrow money, issue instruments of indebtedness, and secure its obligations by granting security interests in its property; and
(6) sue and be sued in any court of the United States, or other court of competent jurisdiction.
( Pub. L. 105–225 , Aug. 12, 1998 , 112 Stat. 1398 .)
Historical and Revision Notes
Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
151105 | 36:5303. | June 30, 1906, ch. 3929, § 3, 34 Stat. 805; June 30, 1969, Pub. L. 91–37, § 1(a), 83 Stat. 42. |
| 36:5309. | June 30, 1906, ch. 3929, § 9, 34 Stat. 807. |
In this section, the text of 36:5309 is omitted as executed and obsolete.
In clause (1), the words “adopt and amend” are substituted for “make” for consistency in the revised title. The words “not inconsistent with the provisions of this chapter or of the Constitution of the United States” are omitted as unnecessary.
In clause (2), the words “adopt and alter a corporate seal” are substituted for “have and to use a common seal, and to alter and change the same at its pleasure” for consistency in the revised title and to eliminate unnecessary words.
Clause (3) is substituted for “take or receive, whether by gift, grant, devise, bequest, or purchase, any real or personal estate, and to hold, grant, transfer, sell, convey, hire, or lease the same for the purpose of its incorporation” for consistency in the revised title and to eliminate unnecessary words.
In clause (4), the words “of real or personal estate” and “within the objects of the corporation” are omitted as unnecessary.
In clause (5), the words “for its corporate purposes” are omitted as unnecessary. The words “instruments of indebtedness” are substituted for “bonds therefor”, and the words “secure its obligations by granting security interests in its property” are substituted for “secure the same by mortgage, deed of trust, pledge, or otherwise”, for consistency in the revised title and to eliminate unnecessary words.