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) adopt, alter, and display seals, emblems, and badges;
(4) choose directors, officers, trustees, managers, employees, and agents as the activities of the corporation require;
(5) make contracts;
(6) acquire, own, lease, encumber, and transfer property as necessary or convenient to carry out the purposes of the corporation;
(7) borrow money, issue instruments of indebtedness, and secure its obligations by granting security interests in its property;
(8) charge and collect membership dues and subscription fees;
(9) sue and be sued; and
(10) do any other act necessary or desirable to carry out the purposes of the corporation.
(Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1377.)
Historical and Revision Notes
RevisedSectionSource (U.S. Code)Source (Statutes at Large)
13050536:1074.July 16, 1964, Pub. L. 88–378, §§ 4, 17, 78 Stat. 325, 328.
36:1087.
In this section, the text of 36:1087 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 “use” is omitted as included in “display”. The words “as it may adopt” are omitted as unnecessary.
In clause (4), the word “activities” is substituted for “business” for consistency in the revised title.
In clause (5), the words “make contracts” are substituted for “to contract and be contracted with” for consistency in the revised title and to eliminate unnecessary words.
Clause (6) is substituted for “take and hold by lease, gift, purchase, grant, devise, bequest or otherwise any property, real or personal, necessary for attaining the objects and carrying into effect the purposes of the corporation” and “transfer, encumber, and convey real or personal property” for consistency in the revised title and to eliminate unnecessary words. The words “subject to applicable provisions of law in any State (A) governing the amount or kind of real and personal property which may be held by, or (B) otherwise limiting or controlling the ownership of real or personal property by a corporation operating in such State” are omitted as unnecessary.
In clause (7), 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”, for consistency in the revised title. The words “subject to all applicable provisions of Federal or State law” are omitted as unnecessary.
In clause (8), the words “receive contributions or grants of money or property to be devoted to the carrying out of its purposes” are omitted as included in “acquire . . . property as necessary or convenient to carry out the purposes of the corporation” in clause (6).
In clause (9), the words “complain, and defend in any court of competent jurisdiction” are omitted as unnecessary.
In clause (10), the words “and all lawful”, “and things”, and “objects and” are omitted as unnecessary.