Page:United States Statutes at Large Volume 76.djvu/184

 136

PUBLIC LAW 87-523-JULY 5, 1962

[76 STAT.

COMPLETION OF ORGANIZATION

SEC. 2. The persons named in the first section of this Act are authorized to complete the organization of the corporation by the selection of officers and employees, the adoption of a constitution and bylaws not inconsistent with this Act, and the doing of such other acts as may be necessary for such purpose. OBJECT A N D PURPOSE OF CORPORATION

SEC. 3. The corporation shall not be conducted for profit but shall have as its object and purpose, upon the payment of specified amounts, the payment of death benefits with respect to (1) persons who are or have been officers or members of the Metropolitan Police force of the District of Columbia, (2) wives of persons who are or have been officers or members of the Metropolitan Police force of the District of Columbia, and (3) persons who are or have been employees of the District of Columbia assigned to the Metropolitan Police Department. CORPORATE POWERS

SEC. 4. The corporation shall have power— (1) to enter into contracts with those persons described in section 3 of this Act to pay death benefits not to exceed $1,500 with respect to such persons; (2) to issue certificates of membership as evidence of the contracts referred to in paragraph (1); (3) to collect specified amounts with respect to contracts for the payment of death benefits; (4) to sue and be sued in any court of competent jurisdiction; (5) to choose such officers, directors, managers, agents, and employees as the business of the corporation may require; (6) to adopt, amend, and alter a constitution and bylaws, not inconsistent with the provisions of this Act, the laws of the United States, and the laws in force in the District of Columbia for the management of its property and regulation of its affairs; (7) to contract and be contracted with; (8) to take and hold by lease, gift, purchase, grant, devise, or bec[uest any property, real or personal, necessary for attaining the object and carrying into effect the purpose of the corporation subject to applicable provisions of law in force in the District of Columbia; (9) to transfer, encumber, and convey real or personal property; (10) to adopt, alter, and use a corporate seal; (11) to borrow money for the purposes of the corporation, issue bonds therefor, and secure such bonds, subject to the laws of the United States, and the laws in force in the District of Columbia; (12) to invest the funds of the corporation only in such securities as the United States District Court for the District of Columbia may approve, from time to time, for the investment of funds by fiduciaries operating under its jurisdiction; and (13) to do any and all acts and things necessary and proper to carry out the object and purpose of the corporation.

�