36 USC 130505 – Powers
The corporation may—
(1) adopt and amend a constitution and bylaws for the management of its property and the regulation of its affairs;
(2) adopt and alter a corporate seal;
(3) adopt, alter, and display seals, emblems, and badges;
(4) choose directors, officers, trustees, managers, employees, and agents as the activities of the corporation require;
(5) make contracts;
(6) acquire, own, lease, encumber, and transfer property as necessary or convenient to carry out the purposes of the corporation;
(7) borrow money, issue instruments of indebtedness, and secure its obligations by granting security interests in its property;
(8) charge and collect membership dues and subscription fees;
(9) sue and be sued; and
(10) do any other act necessary or desirable to carry out the purposes of the corporation.
Terms Used In 36 USC 130505
- 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
- subscription: includes a mark when the person making the same intended it as such. See 1 USC 1