Statute · United States Code
54 U.S.C. § 101115 — Corporate succession and powers and duties acting as trustee; personal liability for malfeasance
54 U.S.C. § 101115
- Type
- Statute
- Source
- United States Code
- Jurisdiction
- Federal
- Date
- 2025-01-06
- Topic
- capital-markets-and-corporate-governance
(a) Perpetual Succession.—The National Park Foundation shall have perpetual succession. (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.
(a) Perpetual Succession.—The National Park Foundation shall have perpetual succession. (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.