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) choose officers, managers, agents, and employees as the activities of the corporation require;
(4) make contracts;
(5) acquire, own, lease, encumber, and transfer property as necessary or convenient to carry out the purposes of the corporation;
(6) borrow money, issue instruments of indebtedness, and secure its obligations by granting security interests in its property; and
(7) sue and be sued.
Historical and Revision Notes Revised SectionSource (U.S. Code)Source (Statutes at Large)31105 36:694(2)–(9). Aug. 6, 1956, ch. 976, §§4(2)–(9), 16, 70 Stat. 1052, 1056. 36:706. In this section, the text of 36:706 is omitted as executed and obsolete. In clause (1), the words "and alter" and "not inconsistent with the laws of the United States or any State in which the corporation is to operate" are omitted as unnecessary. In clause (2), the word "use" is omitted as unnecessary. In clause (4), the words "make contracts" are substituted for "contract and be contracted with" to eliminate unnecessary words. Clause (5) is substituted for "take by lease, gift, purchase, grant, devise, or bequest from any private corporation, association, partnership, firm, or individual and to hold any property, real, personal, or mixed, necessary or convenient for attaining the objects and carrying into effect the purposes of the corporation" and "transfer, convey, lease, sublease, encumber and otherwise alienate real, personal or mixed property" for consistency in the revised title and to eliminate unnecessary words. The words "subject, however, to applicable provisions of law of any State (A) governing the amount or kind of property which may be held by, or (B) otherwise limiting or controlling the ownership of property by, a corporation operating in such State" are omitted as unnecessary. In clause (6), the words "for the purposes of the corporation" are omitted as unnecessary. The words "issue instruments of indebtedness, and secure its obligations by granting security interests in its property" are substituted for "issue bonds therefor, and secure the same by mortgage, deed of trust, pledge, or otherwise" to eliminate unnecessary words. The words "subject in every case to all applicable provisions of Federal and State laws" are omitted as unnecessary. In clause (7), the words "complain and defend in any court of competent jurisdiction" are omitted as unnecessary.
36 U.S.C. § 31105 (2018)
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