§152405. Powers

(a) General.-The corporation may-

(1) adopt a constitution and bylaws;

(2) adopt a seal which shall be judicially noticed; and

(3) do any other act necessary to carry out this chapter.

(b) Powers as Trustee.-To carry out its purposes, the corporation has the usual powers of a corporation acting as a trustee in the jurisdiction in which the principal office of the corporation is located, including the power-

(1) to accept, receive, solicit, hold, administer, and use any gift, devise, or bequest, either absolutely or in trust, of property or any income from or other interest in property;

(2) to acquire property or an interest in property by purchase or exchange;

(3) unless otherwise required by an instrument of transfer, to sell, donate, lease, invest, or otherwise dispose of any property or income from property;

(4) to borrow money and issue instruments of indebtedness;

(5) to make contracts and other arrangements with public agencies and private organizations and persons and to make payments necessary to carry out its functions;

(6) to sue and be sued; and

(7) to do any other act necessary and proper to carry out the purposes of the corporation.

(c) Encumbered or Restricted Gifts.-A gift, devise, or bequest may be accepted by the corporation even though it is encumbered, restricted, or subject to beneficial interests of private persons, if any current or future interest is for the benefit of the corporation.

(Added Pub. L. 106–474, title II, §201(a), Nov. 9, 2000, 114 Stat. 2093 ; amended Pub. L. 110–336, §2(b)(3)(B), Oct. 2, 2008, 122 Stat. 3727 .)

Editorial Notes

Amendments

2008-Subsec. (b). Pub. L. 110–336 substituted "jurisdiction in which the principal office of the corporation is located," for "District of Columbia," in introductory provisions.