15 U.S.C. § 146: General powers of corporation

Summary

Gives the corporation the power to run its affairs and handle business it was created to do. It must keep its legal identity while it exists and have a corporate seal that the Secretary must approve if changed. The corporation can sue and be sued, make contracts, take on debts, borrow money and issue notes or bonds and secure them with mortgages, own and sell property needed for its purpose, and open branch offices in China.

Title 15, §146

Commerce and Trade, Source: USLM XML via OLRC

In addition to the powers granted elsewhere in this chapter, a China Trade Act corporation—

(a)Shall have the right of succession during the existence of the corporation;

(b)Shall have a corporate seal and may, with the approval of the Secretary, alter it;

(c)May sue and be sued;

(d)Shall have the right to transact the business authorized by its articles of incorporation and such further business as is properly connected therewith or necessary and incidental thereto;

(e)May make contracts and incur liabilities;

(f)May acquire and hold real or personal property, necessary to effect the purpose for which it is formed, and dispose of such property when no longer needed for such purposes;

(g)May borrow money and issue its notes, coupon or registered bonds, or other evidences of debt, and secure their payment by a mortgage of its property; and

(h)May establish such branch offices at such places in China as it deems advisable.

Notes & Related Subsidiaries

Editorial Notes

Amendments

1925—Par. (b). Act Feb. 26, 1925, substituted “Shall” for “May”.

Statutory Notes and Related Subsidiaries

TreatyPar. (h) of this section has been affected by the 1943 Treaty between United States of America and the Republic of China, 57 Stat. 767, in which the United States relinquished all extraterritorial jurisdiction and rights in China. See Codification note set out under section 142 of this title.

§146 General Powers of Corporation