36 USC 140103 – Powers
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The corporation may—
(1) adopt and amend bylaws;
(2) adopt and alter a corporate seal;
(3) appoint or elect officers and agents;
(4) choose a board of trustees, consisting of at least 5 but not more than 15 individuals, to conduct the business and exercise the powers of the corporation;
(5) establish and maintain offices to conduct its activities;
(6) acquire, own, lease, encumber, and transfer property as necessary or appropriate to carry out the purposes of the corporation;
(7) charge and collect membership dues and receive contributions of money or property to be devoted to carrying out the purposes of the corporation;
(8) sue and be sued; and
(9) do any other act necessary or appropriate to carry out the purposes of the corporation.
Terms Used In 36 USC 140103
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC