Page:United States Statutes at Large Volume 100 Part 4.djvu/1101

 PUBLIC LAW 99-604—NOV. 6, 1986

100 STAT. 3447

MEMBERSHIP

SEC. 5. Eligibility for membership in the corporation and the rights and privileges of members shall be as provided in the bylaws of the corporation.

36 USC 3905.

BOARD OF DIRECTORS; COMPOSITION; RESPONSIBIUTIES

SEC. 6. The board of directors of the corporation and the responsibilities thereof shall be as provided in the articles of incorporation of the corporation and in conformity with the laws of the State or States in which it is incorporated.

State and loceil governments. 36 USC 3906.

OFFICERS OF CORPORATION

SEC. 7. The officers of the corporation, and the election of such officers shall be as is provided in the articles of incorporation of the corporation and in conformity with the laws of the State or States wherein it is incorporated.

State and local governments. 36 USC 3907.

RESTRICTIONS

SEC. 8. (a) No part of the income or assets of the corporation shall insure to any member, officer, or director of the corporation or be distributed to any such person during the life of this charter. Nothing in this subsection shall be construed to prevent the payment of reasonable compensation to the officers of the corporation or reimbursement for actual necessary expenses in amounts approved by the board of directors. (b) The corporation shall not make any loan to any officer, director, or employee of the corporation. (c) The corporation and any officer and director of the corporation, acting as such officer or director, shall not contribute to, support or otherwise participate in any political activity or in any manner attempt to influence legislation. (d) The corporation shall have no power to issue any shares of stock nor to declare or pay any dividends. (e) The corporation shall not claim congressional approval or Federal Government authority for any of its activities. (f) The corporation shall retain and maintain its status as a corporation organized and incorporated under the laws of the State of Ohio.

36 USC 3908.

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Ohio.

LIABILITY

SEC. 9. The corporation shall be liable for the acts of its officers and agents when acting within the scope of their authority. BOOKS AND

RECORDS;

36 USC 3909.

INSPECTION

SEC. 10. The corporation shall keep correct and complete books and records of account and shall keep minutes of any proceeding of the corporation involving any of its members, the board of directors, or any committee having authority under the board of directors. The corporation shall keep at its principal office a record of the names and addresses of all members having the right to vote. All books and records of such corporation may be inspected by any member having the right to vote, or by any agent or attorney of such member, for

36 USC 3910.

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