Page:United States Statutes at Large Volume 106 Part 3.djvu/791

 PUBLIC LAW 102-484—OCT. 23, 1992 106 STAT. 2585 of the corporation and in conformity with the laws of the State in which it is incorporated. SEC. 1827. OFFICERS OF CORPORATION. 36 USC 5107. Except as provided in section 1828, the positions of officers of the corporation and the election of members to such positions shall be as provided in the articles of incorporation of the corporation and in conformity with the laws of the State in which it is incorporated. SEC. 1828. PROHIBrnON AGAINST DISCRIMINATION. 36 USC 5108. In establishing the conditions of membership in the corporation and in determining the requirements for serving on the board of the directors or as an officer of the corporation, the corporation may not discriminate on the basis of race, color, religion, sex, handicap, age or national origin. SEC. 1829. RESTRICTIONS. 36 USC 5109. (a) INCOME AND COMPENSATION. — No part of the income or assets of the corporation may inure to the benefit of any member, officer, or director of the corporation or be distributed to any such individual during the life of mis 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) 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 nor 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. 1830. LIABILITY. 36 USC 5110. 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. 1831. BOOKS AND RECORDS. 36 USC 5111. 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. 1832. 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), as amended by section 1812 of this Act, is further amended by adding at the end the following: "(76) The Retired Enlisted Association, Incorporated. ".

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