36 U.S.C. § 152405: Powers

Summary

The corporation can make its own rules by adopting a constitution and bylaws, create an official seal, and do other things it needs to carry out its work. As a trustee, it has the normal powers allowed by the law of the state where its main office is located. This includes taking and managing gifts and bequests; buying, exchanging, selling, donating, leasing, investing, or otherwise handling property (unless a transfer document says otherwise); borrowing money and issuing debt; making contracts and payments with public or private groups; suing and being sued; and other proper actions. It may accept gifts that have limits, liens, or outside beneficiaries if some current or future interest helps the corporation.

Title 36, §152405

Patriotic and National Observances, Source: USLM XML via OLRC

(a)General.—

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)Powers as Trustee.—

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)Encumbered or Restricted Gifts.—

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