36 USC 150302 – Powers
(a)
(1) make its own organization, including adopting a constitution, bylaws, and regulations;
(2) provide for the election of domestic and foreign members, their division into classes, and other matters needful or usual in such an institution;
(3) fill vacancies; and
(4) report its actions under this subsection to Congress.
Terms Used In 36 USC 150302
- 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.
(b)
(A) receive property by devise, bequest, donation, or otherwise;
(B) hold the property absolutely or in trust;
(C) manage and invest the property as provided in the constitution of the corporation; and
(D) use the property and income from the property to carry out the purposes of the corporation, subject to instructions of donors.
(2) Congress at any time may limit the amount of real estate the corporation may acquire and the amount of time it may be held.