15 USC 6756 – Powers
In addition to all the powers conferred upon a nonprofit corporation by the District of Columbia Nonprofit Corporation Act, the Association shall have the power to—
(1) establish and collect such membership fees as the Association finds necessary to impose to cover the costs of its operations;
(2) adopt, amend, and repeal bylaws, procedures, or standards governing the conduct of Association business and performance of its duties;
(3) establish procedures for providing notice and opportunity for comment pursuant to section 6755(a) of this title;
(4) enter into and perform such agreements as necessary to carry out the duties of the Association;
(5) hire employees, professionals, or specialists, and elect or appoint officers, and to fix their compensation, define their duties and give them appropriate authority to carry out the purposes of this subchapter, and determine their qualification;
(6) establish personnel policies of the Association and programs relating to, among other things, conflicts of interest, rates of compensation, where applicable, and qualifications of personnel;
(7) borrow money; and
(8) secure funding for such amounts as the Association determines to be necessary and appropriate to organize and begin operations of the Association, which shall be treated as loans to be repaid by the Association with interest at market rate.
Terms Used In 15 USC 6756
- association: when used in reference to a corporation, shall be deemed to embrace the words "successors and assigns of such company or association" in like manner as if these last-named words, or words of similar import, were expressed. See 1 USC 5
- 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.