(a) Board of Trustees.—A self-perpetuating board of trustees shall manage and direct the property and affairs of the corporation.

Terms Used In 36 USC 210104

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.

(b) Powers.—The board of trustees may adopt and amend a constitution, bylaws, and regulations for—

(1) the selection of successor trustees;

(2) the admission of members;

(3) the election of officers; and

(4) the conduct of the affairs of the corporation.

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