Title 15 — Commerce and TradeRelease 119-73not60
§504 Powers of Foundation
Title 15 › Chapter 13— TEXTILE FOUNDATION › § 504
Summary
Allows the corporation to exist forever and to act like a legal business. It can sue and be sued, make and change a corporate seal and its rules, hire officers and agents, buy or receive and manage real and personal property (including selling or mortgaging it), invest its money and earnings, and do any other lawful acts needed to carry out its purposes.
Full Legal Text
Title 15, §504
Commerce and Trade — Source: USLM XML via OLRC
The corporation—
(a)Shall have perpetual succession;
(b)May sue and be sued;
(c)May adopt a corporate seal and alter it at pleasure;
(d)May adopt and alter bylaws;
(e)May appoint officers and agents;
(f)May acquire by purchase, devise, bequest, gift, or otherwise, and hold, encumber, convey, or otherwise dispose of, such real and personal property as may be necessary or appropriate for its corporate purposes;
(g)May invest and reinvest the principal and interest of its funds; and
(h)Generally, may do any and all lawful acts necessary or appropriate to carry out the purposes for which the corporation is created.
Reference
Citations & Metadata
Citation
15 U.S.C. § 504
Title 15 — Commerce and Trade
Last Updated
Apr 3, 2026
Release point: 119-73not60