(a) Perpetual Succession.—The National Park Foundation shall have perpetual succession.

Terms Used In 54 USC 101115

  • 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.
  • Trustee: A person or institution holding and administering property in trust.

(b) Powers and Duties of Trustee.—The National Park Foundation shall have all the usual powers and obligations of a corporation acting as a trustee, including the power to sue and to be sued in its own name.

(c) Personal Liability of Board Members.—The members of the Board shall not be personally liable, except for malfeasance.

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