The corporation may-
(1) adopt and amend 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; and
(7) sue and be sued.
(
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 20105 | 36:974(2)–(9). | Aug. 31, 1960,
|
| 36:987. |
In this section, the text of 36:987 is omitted as executed and obsolete.
In clause (1), the words "and alter" are omitted as unnecessary.
In clause (2), the word "use" is omitted as unnecessary.
In clause (4), the words "make contracts" are substituted for "contract and be contracted with" to eliminate unnecessary words.
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" in 36:974(7) and "transfer, convey, lease, sublease, encumber and otherwise alienate real, personal or mixed property" in 36:974(8) 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" in 36:974(7) are omitted as unnecessary.
In clause (6), 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 and to eliminate unnecessary words. The words "for the purposes of the corporation" and "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.