§30305 Powers

Revised SectionSource (U.S. Code)Source (Statutes at Large) 3030536:854.Aug. 27, 1958, Pub. L. 85–769, §§ 4, 16, 72 Stat. 924, 927. 36:866. In this section, the text of 36:866 is omitted as executed and obsolete. In clause (1), the words “apply, and alter” and “not inconsistent with the laws of the United States of America or any State in which the corporation is to operate” are omitted as unnecessary. In clause (2), the word “use” is omitted as unnecessary. In clause (3), the word “activities” is substituted for “business” for consistency in the revised title. In clause (5), the words “make contracts” are substituted for “contract and be contracted with” to eliminate unnecessary words. Clause (6) is substituted for “take and hold by lease, gift, purchase, grant, devise, bequest or otherwise any property real, personal, or mixed, necessary or convenient for attaining the objects of the corporation” and “transfer, lease, or convey real or personal property” 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” are omitted as unnecessary. Clause (7) is substituted for “borrow money for the purposes of the corporation and issue bonds or other evidences of indebtedness therefor and secure the same by mortgage or pledge subject to applicable Federal or State laws” for consistency in the revised title and to eliminate unnecessary words. In clause (8), the words “complain and defend in any court of competent jurisdiction” are omitted as unnecessary. In clause (9), the words “any other act” are substituted for “any and all acts” for consistency in the revised title.