Title 15 — Commerce and Trade
Chapter 13 — Textile Foundation
§ 504. Powers of Foundation
Statutory text
The corporation—
Shall have perpetual succession;
May sue and be sued;
May adopt a corporate seal and alter it at pleasure;
May adopt and alter bylaws;
May appoint officers and agents;
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;
May invest and reinvest the principal and interest of its funds; and
Generally, may do any and all lawful acts necessary or appropriate to carry out the purposes for which the corporation is created.
Legislative history
Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.
Pub. L. 71–440 § 4 · 46 Stat. 539
Enacted · 15 U.S.C. § 504
(June 10, 1930, ch. 440, § 4, 46 Stat. 540.)
Source evidence
Code source credit
(June 10, 1930, ch. 440, § 4, 46 Stat. 540.)Enacted provision · exact public law section
Sec. 4. The corporation— (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 by-laws; (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.
1 of 1 references resolved to an enrolled provision
Credits
(June 10, 1930, ch. 440, § 4, 46 Stat. 540.)