§152505 Powers

Revised SectionSource (U.S. Code)Source (Statutes at Large) 15250536:464.Aug. 13, 1953, ch. 429, §§ 4, 18, 67 Stat. 570, 574. 36:478. In this section, the text of 36:478 is omitted as executed and obsolete. In clause (1), the word “alter” is omitted as unnecessary. The words “not inconsistent with the laws of the United States 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 words “use, and display” and “as it may adopt” are omitted as unnecessary. In clauses (4) and (13), the word “activities” is substituted for “business” for consistency in the revised title. Clause (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” and “transfer, encumber, and convey real or personal property” for consistency in the revised title and to eliminate unnecessary words. The words “subject to applicable provisions of law in 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 or personal property by a corporation operating in such State” are omitted as unnecessary. In clause (7), the words “for the purposes of the corporation” are omitted as unnecessary. The words “issue instruments of indebtedness, and secure its obligations by granting security interests in its property” are substituted for “issue bonds therefor, and secure the same by mortgage” for consistency in the revised title. The words “subject to all applicable provisions of Federal or State law” are omitted as unnecessary. In clause (8), the words “and materials, whether periodic or occasional” are omitted as unnecessary. In clause (11), the word “individuals” is substituted for “persons” for consistency in the revised title. The word “associations” is omitted as included in “organizations”. In clause (14), the words “complain, and defend in any court of competent jurisdiction” are omitted as unnecessary. In clause (15), the words “and, for such purpose, the corporation shall also have, in addition to the foregoing in this section and subsection, the rights, powers, duties, and liabilities of the existing corporation referred to in section 478 of this title as far as they are not modified or superseded by this chapter” are omitted as unnecessary.