Page:United States Statutes at Large Volume 76.djvu/315

 76 STAT. ]

PUBLIC LAW 87-569-AUG. 6, 1962

267

(d) "Articles of incorporation" means the original articles of incorporation and all amendments thereto, including articles of merger or consolidation, and in the case of a corporation created by a special Act of Congress, means such special Act and any amendments thereto made by special Act of Congress, or pursuant to general law. (e) "Bylaws" means the code or codes of rules adopted for the regulation or management of the affairs of a corporation irrespective of the name or names by which such rules are designated. (f) "Member" means one having membershij) rights in a corporation in accordance with the provisions of its articles of incorporation or bylaws, (g) "Board of directors" means the group of persons vested with the management of the affairs of a corporation irrespective of the name by which such group is designated. (h) "Insolvent" means that a corporation is unable to pay its debts as they become due in the usual course of its affairs. (i) "Commissioners" means the Commissioners of the District of Columbia or the agent or agents designated by them to perform any function vested in the Commissioners by this Act. (j) "District" means the District of Columbia. (k) "The court", except where otherwise specified, means the United States District Court for the District of Columbia. APPLICABILITY

SEC. 3. (a) The provisions of this Act relating to domestic corporations shall apply to all corporations organized hereunder or which elect to accept the provisions of this Act. (b) The provisions of this Act relating to foreign corporations shall apply to all foreign not for profit corporations conducting affairs in the District of Columbia for a purpose or purposes for which a corporation might be organized under this Act. (c) No corporation eligible to be formed under this Act shall be incorporated under any other Act or statute now in force in the District of Columbia except that those organizations eligible to be formed under the Acts or parts of Acts referred to in section 49-303, District of Columbia Code (1951 edition), may be formed under those Acts or parts of Acts. PURPOSES

SEC. 4. Corporations may be organized under this Act for any lawful purpose or purposes including, but not limited to, one or more of the following or similar purposes: benevolent; charitable; religious; missionary; educational; scientific; research; literary; musical; social; athletic; patriotic; political; civic; professional, commercial, industrial, business, or trade association; mutual improvement; promotion of the arts; except that cooperative organizations or organizations subject to any of the provisions of the insurance laws of the District may not be organized under this Act. GENERAL POWERS

SEC. 5. Each corporation shall have power— (a) to have perpetual succession by its corporate name unless a limited period of duration is stated in its articles of incorporation; (b) to sue and be sued, complain and defend, in its corporate name:

32 Stat. 546.

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