§152405 — Title 36 Patriotic and National Observances | U.S. Code

Summary

Allows the corporation to make its own rules, adopt an official seal, and do other things it needs to operate. Gives the corporation the normal powers of a trustee corporation in the state where its main office is located, including seven specific powers: accept gifts and trusts; buy property; unless a transfer says otherwise, sell, give away, lease, invest, or dispose of property; borrow money and issue debt; make contracts and pay for services with government and private groups; sue or be sued; and take other acts needed to carry out its purposes. The corporation may accept gifts even if they have liens, limits, or private beneficial interests, so long as any current or future interest benefits the corporation.

Title 36, §152405

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.

Editorial Notes

Amendments

2008—Subsec. (b). Pub. L. 110–336 substituted “jurisdiction in which the principal office of the corporation is located,” for “District of Columbia,” in introductory provisions.

§152405 Powers

Summary

Title 36, §152405

Notes & Related Subsidiaries

Editorial Notes

Amendments

Citations & Metadata