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, agents, and employees 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;
(7) sue and be sued; and
(8) do any other act necessary and proper to carry out the purposes of the corporation.
(
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 200305 | 36:534(2)–(10). | Aug. 20, 1954, ch. 774, §§4(2)–(10), 18, |
| 36:548. |
In this section, the text of 36:548 is omitted as executed and obsolete.
In clause (1), the word "alter" is omitted as unnecessary. 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.
Clause (5) is substituted for "take by lease, gift, purchase, grant, devise, or bequest from any public body or agency or any private corporation, association, partnership, firm, or individual and to hold absolutely or in trust for any of the purposes of the corporation 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.
In clause (8), the words "any other act" are substituted for "any and all acts and things" to eliminate unnecessary words. The words "objects and" are omitted as unnecessary.