Page:United States Statutes at Large Volume 62 Part 1.djvu/1108

 1078 PUBLIC LAWS-CH. 706-JUNE 29,1948 [62 STAT. connection with the time spent on special service of the corporation, and their traveling expenses to and from meetings or when upon such stat. f. 8 . 82. special service, without regard to the Subsistence Expense Act of 1926, as amended, or the Standardized Government Travel Regulations. Nothing contained in this article or in any other Act shall be construed to prevent the appointment and service, as a director, officer, or employee of the corporation, of any officer or employee of the United Quorum. States. The directors, of whom a majority shall constitute a quorum for the transaction of business, shall meet for organization purposes when and where called by the stockholder, and for subsequent meetings as provided by the bylaws. "248. GENERAL POWERS Or CORPORATION. -The corporation shall have and may exercise the following general powers, in addition to those elsewhere conferred in this article: "(a) Shall have perpetual succession in its corporate name, unless dissolved by Act of Congress. SeaL "(b) May adopt, alter, and use a corporate seal, which shall be judicially noticed. "(c) May adopt, amend, and repeal bylaws governing the conduct of its general business, and the performance of the powers and duties granted to or imposed upon it by law. "(d) May sue and be sued in its corporate name. "(e) May appoint such officers, agents, attorneys, and employees as may be necessary for the conduct of the business of the corporation, define their authority and duties, fix their compensation, delegate to them such of the powers of the corporation as may be necessary, require that such of them as it may designate be bonded, and fix the penalties and pay the premiums of such bonds. Persons employed by the corporation whose compensation is paid on any basis other than a per annum basis shall not be included in making computations pur- 59 stc. a 94. suant to the provisions of section 607 of the Federal Employees Pay 5L.S.C.§947; Supp. I, § 947 note. Act of 1945. "(f) May enter into contracts, leases, agreements, or other trans- actions. "(g) Shall have in the payment of debts out of bankrupt estates, the priority of the United States. "(h) May determine the character of and necessity for its obligations and expenditures and the manner in which they shall be incurred, allowed, and paid, and may incur, allow, and pay the same, subject to pertinent provisions of law generally applicable to Government corporations. Acquisition of prop- "(i) May purchase, lease or otherwise acquire, and hold, own, maintain, work, develop, sell, lease, exchange, convey, mortgage, or otherwise dispose of, and deal in, lands, leaseholds, and any interest, estate, or rights in real property, and any personal or mixed property, and any franchises, concessions, rights, licenses, or privileges necessary or appropriate for any of the purposes expressed in this article. "249. SPECOnIC PowERs OF CORPORATION.- Subject to the provisions 39 Stat. . 841 of the Government Corporation Control Act, the corporation shall 846-852, 85-859, s86 have and may exercise the following specific powers, in addition to 869; Supp. 1,§ s4c. Post,p. 1283 . those elsewhere conferred in this article: ofCostruction etc., "(a) May construct, maintain, and operate a railroad across the Isthmus of Panama. "(b) May construct or acquire vessels, and operate the same for transportation of passengers or freight and for other purposes. (c) May construct or acquire, establish, maintain, and operate docks, wharves, piers, harbor terminal facilities, shops, yards, marine railways, salvage and towing facilities, fuel-handling facilities motor- transportation facilities, power systems, water systems, a telephone

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