Page:United States Statutes at Large Volume 112 Part 2.djvu/548

 112 STAT. 1432 PUBLIC LAW 105-225—AUG. 12, 1998 § 154101. Organization (a) FEDERAL CHARTER.— Naval Sea Cadet Corps (in this chapter, the "corporation") is a federally chartered corporation. (b) PERPETUAL EXISTENCE.— Except as otherwise provided, the corporation has perpetual existence. §154102. Purposes The purposes of the corporation are, through organization and cooperation with the Department of the Navy— (1) to encourage and aid American young people to develop an interest and skill in basic seamanship and in its naval adaptations; (2) to train them in seagoing skills; and (3) to teach them patriotism, courage, self-reliance, and kindred virtues. §154103. Membership Except as provided in this chapter, eligibility for membership in the corporation and the rights, privileges, and designation of classes of members are as provided in the constitution and bylaws of the corporation. §154104. Governing body (a) BOARD OF DIRECTORS. —(1) The board of directors is the governing body of the corporation. The board is responsible for the general policies and program of the corporation and the control of all funds of the corporation. (2) The number of directors, their manner of selection (including the filling of vacancies), and their term of office are as provided in the constitution and bylaws. However, the board shall have at least 10 but not more than 25 directors. (b) OFFICERS.—(1) The officers of the corporation are a president, one or more vice presidents as provided in the constitution and bylaws, a secretary, a treasurer, and other officers as provided in the constitution and bylaws. (2) The manner of election, term of office, and duties of the officers are as provided in the constitution and bylaws. §154105. Powers 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, employees, and agents 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.

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