§151705 — Title 36 Patriotic and National Observances | U.S. Code

Summary

The corporation may do three main things: create and approve its constitution and bylaws, adopt an official seal courts will accept, and take other actions needed to carry out the chapter. To do its work, it has the normal powers of a trustee-type corporation where its main office is, including seven powers: accept and manage gifts and income; buy or get property; sell, give away, lease, invest, or otherwise dispose of property unless the transfer rules say not to; borrow money and issue debt; make contracts and payments with public or private parties; sue and be sued; and any other acts needed to meet its purposes. The corporation can accept gifts, wills, or bequests even if they have liens, restrictions, or private beneficiaries, as long as some present or future interest benefits the corporation.

Title 36, §151705

Patriotic and National Observances — Source: USLM XML via OLRC

(a)The corporation may—

(1)adopt a constitution and bylaws;

(2)adopt a seal which shall be judicially noticed; and

(3)do any other act necessary to carry out this chapter.

(b)To carry out its purposes, the corporation has the usual powers of a corporation acting as a trustee in the jurisdiction in which the principal office of the corporation is located, including the power—

(1)to accept, receive, solicit, hold, administer, and use any gift, devise, or bequest, either absolutely or in trust, of property or any income from or other interest in property;

(2)to acquire property or an interest in property by purchase or exchange;

(3)unless otherwise required by an instrument of transfer, to sell, donate, lease, invest, or otherwise dispose of any property or income from property;

(4)to borrow money and issue instruments of indebtedness;

(5)to make contracts and other arrangements with public agencies and private organizations and persons and to make payments necessary to carry out its functions;

(6)to sue and be sued; and

(7)to do any other act necessary and proper to carry out the purposes of the corporation.

(c)A gift, devise, or bequest may be accepted by the corporation even though it is encumbered, restricted, or subject to beneficial interests of private persons, if any current or future interest is for the benefit of the corporation.

Notes & Related Subsidiaries

Historical and Revision Notes

Revised SectionSource (U.S. Code)Source (Statutes at Large) 151705(a)36:5702(g)(1)(B), (C).Oct. 11, 1996, Pub. L. 104–285, title II, §§ 203(g)(1)(B), (C), 204(b), (c)(1)–(4), (5) (words before 2d comma), (6), (7), (last par.), 110 Stat. 3384, 3385. 36:5703(b). 151705(b)36:5703(c)(1)–(4), (5) (words before 2d comma), (6), (7). 151705(c)36:5703(c) (last par.). Subsection (a)(1) is substituted for 36:5702(g)(1)(B) for consistency in the revised title. The words “consistent with the purposes of the Foundation and the provisions of this chapter” are omitted as unnecessary. Subsection (a)(2) is substituted for 36:5703(b) for consistency in the revised title. Subsection (a)(3) is substituted for 36:5702(g)(1)(C) for consistency in the revised title. In subsection (b), before clause (1), the words “under section 5701 of this title” and “in addition to the powers otherwise given it under this chapter” are omitted as unnecessary. In clauses (1) and (2), the words “real or personal” are omitted as unnecessary and for consistency in the revised title. In clause (3), the words “reinvest, retain” are omitted as unnecessary. In clause (4), the words “instruments of indebtedness” are substituted for “bonds, debentures, or other debt instruments” to eliminate unnecessary words. In clause (6), the words “and complain and defend itself in any court of competent jurisdiction” are omitted as unnecessary. In clause (7), the words “any other act” are substituted for “any and all acts” to eliminate unnecessary words.

Editorial Notes

Amendments

2014—Subsec. (b). Pub. L. 113–237 substituted “the jurisdiction” for “the the jurisdiction” in introductory provisions. 2005—Subsec. (b). Pub. L. 109–9 substituted “the jurisdiction in which the principal office of the corporation is located” for “District of Columbia” in introductory provisions.

§151705 Powers