§ 984. General powers of Corporation

(a) For the purpose of carrying out its functions under this chapter the Corporation—

(1) shall have succession in its corporate name;

(2) may adopt and use a corporate seal, which shall be judicially noticed;

(3) may sue and be sued in its corporate name;

(4) may adopt, amend, and repeal bylaws, rules, and regulations governing the manner in which its business may be conducted and the powers vested in it may be exercised;

(5) may make and carry out such contracts or agreements as are necessary or advisable in the conduct of its business;

(6) shall be held to be an inhabitant and resident of the northern judicial district of New York within the meaning of the laws of the United States relating to venue of civil suits;

(7) may appoint and fix the compensation, in accordance with the provisions of chapter 51 and subchapter III of chapter 53 of title 5, of such officers, attorneys, and employees as may be necessary for the conduct of its business, define their authority and duties, and delegate to them such of the powers vested in the Corporation as the Administrator may determine;

(8) may acquire, by purchase, lease, condemnation, or donation such real and personal property and any interest therein, and may sell, lease, or otherwise dispose of such real and personal property, as the Administrator deems necessary for the conduct of its business;

(9) shall determine the character of and the necessity for its obligations and expenditures, and the manner in which they shall be incurred, allowed and paid, subject to provisions of law specifically applicable to Government corporations;

(10) may retain toll revenues for purposes of eventual reinvestment in the Seaway. of this subsection.

(13)² shall accept such amounts as may be transferred to the Corporation under section 9505(c)(1) of title 26, except that such amounts shall be available only for the purpose of operating and maintaining those works which the Corporation is obligated to operate and maintain under subsection (a) of section 983 of this title.

(b) Amounts credited under subsection (a)(12) ³ of this section are available to pay any obligation or expense of the Corporation under this chapter, except as specifically provided in subsection (a)(11) ³ of this section.

(May 13, 1954, ch. 201, § 4, 68 Stat. 94; Pub. L. 85–108, § 1(1)–(3), July 17, 1957, 71 Stat. 307; Pub. L. 92–310, title II, § 232, June 6, 1972, 86 Stat. 214; Pub. L. 97–369, title III, § 311, Dec. 18, 1982, 96 Stat. 1783; Pub. L. 99–662, title XIV, § 805(a)(1)–(3), Nov. 17, 1986, 100 Stat. 4272.)

Codification

Codification

In subsec. (a)(7), “chapter 51 and subchapter III of chapter 53 of title 5” substituted for “the Classification Act of 1949” on authority of Pub. L. 89–554, § 7(b), Sept. 6, 1966, 80 Stat. 631, the first section of which enacted Title 5, Government Organization and Employees.

Amendments

Amendments

1986—Subsec. (a)(13). Pub. L. 99–662 added par. (13) relating to acceptance of amounts transferred to the Corporation under section 9505(c) of title 26.

1982—Subsec. (a)(10) to (13). Pub. L. 97–369 added par. (10) and redesignated former pars. (10) to (12) as (11) to (13), respectively.

1972—Subsec. (a)(7). Pub. L. 92–310 struck out provisions which empowered the Corporation to require bonds from such officers, attorneys, and employees as the Administrator might designate.

1957—Subsecs. (a)(10) to (12), (b). Pub. L. 85–108 added pars. (10) to (12) and subsec. (b).

Effective Date Of Amendment

Effective Date of 1986 Amendment

Pub. L. 99–662, title XIV, § 805(b), Nov. 17, 1986, 100 Stat. 4272, provided that: “The amendments made by this section [enacting section 988a of this title and amending this section] shall take effect on April 1, 1987.”