Title 15 — Commerce and TradeRelease 119-73
§504 Powers of Foundation
Title 15 › Chapter CHAPTER 13— - TEXTILE FOUNDATION › § 504
Summary
The corporation must continue forever and can sue or be sued. It can create and change a corporate seal, make and change its rules (bylaws), and pick officers and agents. It can get and manage property—buy it, receive it by gift or will, hold it, borrow against it, sell it, or otherwise deal with it when needed. It can invest and reinvest its funds and do any other lawful acts needed to carry out its purposes.
Full Legal Text
Title 15, §504
Commerce and Trade — Source: USLM XML via OLRC
The corporation—
(a)Shall have perpetual succession;
(b)May sue and be sued;
(c)May adopt a corporate seal and alter it at pleasure;
(d)May adopt and alter bylaws;
(e)May appoint officers and agents;
(f)May acquire by purchase, devise, bequest, gift, or otherwise, and hold, encumber, convey, or otherwise dispose of, such real and personal property as may be necessary or appropriate for its corporate purposes;
(g)May invest and reinvest the principal and interest of its funds; and
(h)Generally, may do any and all lawful acts necessary or appropriate to carry out the purposes for which the corporation is created.
Reference
Citations & Metadata
Citation
15 U.S.C. § 504
Title 15 — Commerce and Trade
Last Updated
Apr 6, 2026
Release point: 119-73