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 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) use corporate funds to give prizes, awards, loans, scholarships, and grants to deserving students to carry out the purpose of the corporation;
(8) publish a magazine and other publications;
(9) sue and be sued; and
(10) do any other act necessary and proper to carry out the purpose of the corporation.
(
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 30705 | 36:504. | July 19, 1954, ch. 536, §4, |
In clause (1), the word "amend" is substituted for "alter" for consistency in the revised title. 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 (4), the words "make contracts" are substituted for "contract and be contracted with" to eliminate unnecessary words.
Clause (5) is substituted for "take and hold by lease, gift, purchase, grant, devise, or bequest any property, real or personal, necessary for attaining the objects of accomplishing the purposes of the corporation" and "transfer 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 of 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 and personal 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" for consistency in the revised title. The words "subject to all applicable provisions of Federal or State law" are omitted as unnecessary.
In clause (9), the words "complain and defend in any court of competent jurisdiction" are omitted as unnecessary.
In clause (10), the words "any other act" are substituted for "any and all acts and things" for consistency in the revised title.