15 USC 504 – Powers of Foundation
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The corporation—
Terms Used In 15 USC 504
- Bequest: Property gifted by will.
- 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.
- Devise: To gift property by will.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Personal property: All property that is not real property.
(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.