Revised SectionSource (U.S. Code)Source (Statutes at Large) 22705(a)36:67c (less perpetual succession).July 23, 1947, ch. 298, §§ 4 (less perpetual succession), 8, 10(2)–(5), 61 Stat. 406, 407. 36:67g.36:67i(2)–(5). 22705(b)36:67r.July 23, 1947, ch. 298, § 19, 61 Stat. 408; Aug. 15, 1977, Pub. L. 95–98, § 1(a), 91 Stat. 830. In this section, the text of 36:67g is omitted as executed and obsolete. In subsection (a)(1), the word “adopt” is substituted for “ordain and establish” for clarity and consistency in the revised title. The words “not inconsistent with the laws of the United States of America or any State thereof” are omitted as unnecessary. In subsection (a)(2), the words “adopt seals, emblems, and badges” are substituted for “to use in carrying out its purposes such seals, emblems, and badges as it may lawfully adopt” for consistency in the revised title and to eliminate unnecessary words. In subsection (a)(4), the words “make contracts” are substituted for “contract and be contracted with” for consistency in the revised title and to eliminate unnecessary words. Subsection (a)(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 carrying into effect the purposes of the corporation” in 36:67c and “Transfer and convey all real or personal property” in 36:67i(4) for consistency in the revised title and to eliminate unnecessary words. The words “subject, however, 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” in 36:67c are omitted as unnecessary. In subsection (a)(7), the words “instruments of indebtedness” are substituted for “bonds” for consistency in the revised title. The words “secure its obligations by granting security interests in its property” are substituted for “secure same by mortgage” for consistency in the revised title. The words “for the purposes of the corporation”, “therefor”, and “subject in every case to all applicable provisions of Federal or State laws” are omitted as unnecessary. In subsection (b), the words “before July 24, 1947” are substituted for “heretofore” for clarity. The words “and accrue” are omitted as unnecessary.
