Page:United States Statutes at Large Volume 106 Part 3.djvu/789

 PUBLIC LAW 102-484—OCT. 23, 1992 106 STAT. 2583 tion to the officers of the corporation or reimbursement for actual necessanr expenses in amounts approved by the board of directors. (b) LOANS. —The corporation may not make any loan to any officer, director, or employee of the corporation. (c) STOCK.— The corporation shall have no power to issue any shares of stock or to declare or pay any dividends. (d) CONGRESSIONAL APPROVAL.—The corporation shall not claim congressional approval or the authorization of the Federal Government for any of its activities by virtue of this subtitle. SEC. 1810. LIABILITY. 36 USC 5010. The corporation shall be liable for the acts of its officers and agents whenever such officers and agents have acted within the scope of their authority. SEC. 1811. BOOKS AND RECORDS. 36 USC 5011. The corporation shall keep correct and complete books and records of account and 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 in any proceeding of the corporation. All books and records of such corporation may be inspected by any member having the right to vote in any corporation proceeding, or by any agent or attorney of such member, for any proper purpose at any reasonable time. Nothing in this section shall be construed to contravene any applicable State law. SEC. 1812. AUDIT OF FINANCIAL TRANSACTIONS. The first section of the Act entitled "An Act to provide for audit of accounts of private corporations established under Federal law", approved August 30, 1964 (36 U.S.C. 1101), is amended by adding at the end the following: "(75) The Military Order of the World Wars.". SEC. 1818. ANNUAL REPORT. 36 USC 5012. The corporation shall report annually to the Congress concerning the activities of the corporation during the preceding fiscal year. Such annual report shall be submitted at the same time as the report of the audit required by section 2 of the Act referred to in section 1812. The report shall not be printed as a public document. SEC. 1814. RESERVATION OF RIGHT TO AMEND OR REPEAL CHARTER. 36 USC 5013. The right to alter, amend, or repeal this section is expressly reserved to the Congress. SEC. 1815. TAX-EXEMPT STATUS. 36 USC 5014. The corporation shall maintain its status as an organization exempt from taxation as provided in the Internal Revenue Code of 1986. If the corporation fails to maintain such status, the charter granted by this subtitle shall expire. SEC. 1816. TERMINATION. 36 USC 5015. The charter granted by this subtitle shall expire if the corporation fails to comply with— (1) any restriction or other provision of this subtitle; (2) any provision of its bylaws or articles of incorporation; or

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