§150706 Powers

Revised SectionSource (U.S. Code)Source (Statutes at Large) 15070636:434.Aug. 13, 1953, ch. 427, § 4, 67 Stat. 562. 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 such corporation is to operate” are omitted as unnecessary. In clause (2), the word “use” is omitted as unnecessary. In clause (3), the words “adopt emblems and badges” are substituted for “use and display such emblems and badges as it may adopt” for consistency in the revised title and to eliminate unnecessary words. In clause (5), the words “make contracts” are substituted for “contract and be contracted with” for consistency and to eliminate unnecessary words. Clause (6) is substituted for “take and hold by lease, gift, purchase, grant, devise, or bequest any property, real or personal, necessary for attaining the objects and 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 (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 (10), the words “complain, and defend in any court of competent jurisdiction” are omitted as unnecessary. In clause (11), the words “any other act” are substituted for “any and all acts and things” to eliminate unnecessary words. The word “objects” is omitted as unnecessary.