Us Code § 80304 - Powers
Full text of Us Code United States Code § 80304 — Powers, with citation guidance and answers to common questions.
§ 80304. Powers
The corporation may—
(1) adopt and amend a constitution, bylaws, and regulations, including regulations for the election of associates and successors;
(2) adopt and alter a seal;
(3) have offices and conduct its activities in the District of Columbia and in the States, territories, and possessions of the United States;
(4) acquire, own, lease, encumber, and transfer property, and use any income from the property, as necessary to carry out the purposes of the corporation;
(5) sue and be sued within the jurisdiction of the United States; and
(6) do any other act necessary to carry out this chapter and the purposes of the corporation.
(Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1362.)
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 80304 | 36:32 (words after 2d comma). | Mar. 16, 1950, ch. 62, §§2 (words after 2d comma), 8, 64 Stat. 23, 24. |
| 36:34 (last sentence). | Mar. 16, 1950, ch. 62, §4 (last sentence), 64 Stat. 23; Aug. 14, 1953, ch. 486, §1, 67 Stat. 582. | |
| 36:38. |
In this section, the text of 36:38 is omitted as executed and obsolete.
In clause (1), the word "amend" is substituted for "and from time to time to alter such constitution, bylaws, rules, and regulations" for consistency in the revised title and to eliminate unnecessary words. The word "rules" is omitted as included in "regulations". The words "not inconsistent with the laws of the United States, or any State thereof" are omitted as unnecessary.
In clause (2), the word "destroy" is omitted as unnecessary and for consistency in the revised title.
In clause (3), the word "activities" is substituted for "business and affairs" for consistency in the revised title and to eliminate unnecessary words.
In clause (4), the words "acquire, own, lease, encumber, and transfer property, and use any income from the property, as necessary to carry out the purposes of the corporation" are substituted for "take, receive, and hold, in trust or otherwise, and to sell and convey real and personal property necessary for its corporate purposes, and other real and personal property, the income from which shall be applied to its corporate purposes" in 36:32 and "authorize and cause to be executed leases, mortgages, and liens upon, and sales and conveyances of, any of the property of the corporation; and the proceeds arising therefrom shall be applied or invested for the use and benefit of the corporation" in 36:34 (last sentence) for consistency in the revised title and to eliminate unnecessary words.
In clause (5), the words "in courts of law and equity" are omitted as unnecessary.
About This Section
36 U.S.C. § 80304 is part of Title 36 of the United States Code. The United States Code is the official codification of federal statutes maintained by the Office of the Law Revision Counsel of the U.S. House of Representatives. Congress amends the Code through new public laws, which are eventually incorporated into the relevant title.
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