Page:United States Statutes at Large Volume 112 Part 2.djvu/401

 PUBLIC LAW 105-225—AUG. 12, 1998 112 STAT. 1285 (3) The board may appoint committees. Each committee has the powers provided in the bylaws or by resolution of the board. The powers of a committee may include all the powers of the board. (b) OFFICERS.—(1) The officers of the corporation are a president, one or more one vice presidents as provided in the bylaws, a secretary, a treasurer, one or more assistant secretaries and assistant treasurers, and other officers as provided in the bylaws. (2) The manner of election, term of office, and duties of the officers are as provided in the bylaws. §20105. Powers The corporation may— (1) adopt and amend bylaws for the management of its property and the regulation of its affairs; (2) adopt and alter a corporate seal; (3) choose officers, managers, agents, and employees as the activities of the corporation require; (4) make contracts; (5) acquire, own, lease, encumber, and transfer property as necessary or convenient to carry out the purposes of the corporation; (6) borrow money, issue instruments of indebtedness, and secure its obligations by granting security interests in its property; and (7) sue and be sued. §20106. Restrictions (a) STOCK AND DIVIDENDS. — The corporation may not issue stock or declare or pay a dividend. (b) POLITICAL ACTIVITIES. — The corporation or a governor, officer, employee, or member as such may not contribute to, support, or assist a political party or candidate for public office. (c) DISTRIBUTION OF INCOME OR ASSETS. — The income or assets of the corporation may not inure to the benefit of, or be distributed to, a governor, officer, or member as such during the life of the corporation or on its dissolution or final liquidation. This subsection does not prevent the payment of compensation to an officer or employee in an amount approved by the board of governors. (d) LOANS.—The corporation may not make a loan or advance to a governor, officer, employee, or member. Grovernors who vote for or assent to making a loan or advance to a governor, officer, employee, or member, and officers who participate in making the loan or advance, are jointly and severally liable to the corporation for the amount of the loan or advance until it is repaid. (e) CONTRIBUTIONS TO CERTAIN ORGANIZATIONS. —None of the principal or interest of a fund referred to in section 20102(1) of this title may be contributed to an organization if— (1) a substantial part of its activities is carrying on propaganda or attempting to influence legislation; or (2) any part of its net earnings benefits a private shareholder or individual, §20107. Principal office The principal office of the corporation shall be in Kansas City, Kansas, or another place decided by the board of governors. However, the activities of the corporation are not confined to the place

�