Corporate powers and obligations

16 U.S.C. § 583j–2
in effect
Sign in to generate a plain English summaryAsk Belisarius Agent
(a) In generalThe Foundation—(1) shall have perpetual succession; (2) may conduct business throughout the several States, territories, and possessions of the United States and in foreign countries; (3) shall have its principal offices in the Washington, D.C. metropolitan area; and (4) shall at all times maintain a designated agent in the District of Columbia authorized to accept notice or service of process for the Foundation. (b) Notice and service of processThe serving of notice to, or service of process upon, the agent required by subsection (a)(4), or mailed to the business address of such agent, shall be deemed as service upon or notice to the Foundation. (c) SealThe Foundation shall have an official seal selected by the Board which shall be judicially noticed. (d) PowersTo carry out its purposes, the Foundation shall have, in addition to powers otherwise authorized under this subchapter, the usual powers of a corporation in the District of Columbia, including the power to—(1) accept, receive, solicit, hold, administer and use any gift, devise, or bequest, either absolutely or in trust, or real or personal property or any income therefrom or other interest therein; (2) acquire by donation, gift, devise, purchase or exchange any real or personal property or interest therein; (3) unless otherwise required by the instrument of transfer, sell, donate, lease, invest, reinvest, retain or otherwise dispose of any property or income therefrom; (4) borrow money and issue bonds, debentures, or other debt instruments; (5) sue and be sued, and complain and defend itself in any court of competent jurisdiction (except that the Directors of the Board shall not be personally liable, except for gross negligence); (6) enter into contracts or other arrangements with public agencies, private organizations, and persons and to make such payments as may be necessary to carry out the purposes thereof; and (7) do any and all acts necessary and proper to carry out the purposes of the Foundation. (e) Property(1) The Foundation may acquire, hold and dispose of lands, waters, or other interests in real property by donation, gift, devise, purchase or exchange. For the purposes of this subchapter, an interest in real property shall include, but not be limited to, mineral and water rights, rights of way, and easements appurtenant or in gross. A gift, devise, or bequest may be accepted by the Foundation even though it is encumbered, restricted, or subject to beneficial interests of private persons if any current or future interest therein is for the benefit of the Foundation. (2) No lands or waters, or interests therein, that are owned by the Foundation and are determined by the Chief of the United States Forest Service to be valuable for purposes established in this subchapter shall be subject to condemnation by any State or political subdivision, or any agent or instrumentality thereof. (3) The Foundation and any income or property received or owned by it, and all transactions relating to such income or property, shall be exempt from all Federal, State, and local taxation with respect thereto. (4) Contributions, gifts, and other transfers made to or for the use of the Foundation shall be treated as contributions, gifts, or transfers to an organization exempt from taxation under section 501(c)(3) of title 26.

Starting a business? Corpus forms LLCs in all 50 states and DC.