§ 70704. Powers

The corporation may—

(1) adopt and amend bylaws for the regulation of its affairs;

(2) adopt and alter a corporate seal;

(3) employ persons the corporation considers necessary;

(4) acquire, own, lease, encumber, and transfer property;

(5) sue and be sued; and

(6) do any other act to carry out the purposes of the corporation.

(Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1355.)

Historical And Revision

Historical and Revision Notes
Revised Section	Source (U.S. Code)	Source (Statutes at Large)
70704(1)	36:4404 (5th sentence related to establishing bylaws).	June 6, 1900, ch. 806, §§ 2 (words before last semicolon), 4 (4th sentence related to adopting and altering seal, 5th sentence related to establishing bylaws, last sentence related to employment authority), 31 Stat. 662, 663.
70704(2)	36:4404 (4th sentence related to adopting and altering seal).
70704(3)	36:4404 (last sentence related to employment authority).
70704(4)–(6)	36:4402 (words before last semicolon).

Clause (1) is substituted for “by-laws which may be established for the government of said association” for clarity and consistency in the revised title.

Clause (2) is substituted for “adopt a common seal, which they may alter at pleasure” for consistency in the revised title.

Clause (3) is substituted for “such agents and employees as it may be deemed necessary to employ” for clarity.

Clause (4) is substituted for “be competent at law and in equity to take to themselves and their successors, for the use and behoof of said association, any estate whatsoever, in any messuage, lands, tenements, hereditaments, goods, chattels, moneys, and other effects, by gift, devise, grant, donation, bargain sale, conveyance, assurance, or will; and the same to grant, bargain, sell, transfer, assign, convey, assure, demise, declare to use, and farm let, and to place out on interest, for the use of said association, in such manner as to them, or a majority of them, shall be deemed most beneficial to said association; and to receive the same, their rents, issues, and profits, income, and interest, and to apply the same for the proper use and benefit of said association for the objects and purposes hereinbefore mentioned” for consistency in the revised title and to eliminate unnecessary words.

Clause (5) is substituted for “and by the same name to sue and be sued, to implead and be impleaded in any court of law or equity in all manner of suits, actions, and proceedings whatsoever” for consistency in the revised title and to eliminate unnecessary words.

Clause (6) is substituted for “and generally by and in the same name to do and transact all and every the business touching or concerning the premises” for clarity and to eliminate unnecessary words.