Page:United States Statutes at Large Volume 112 Part 2.djvu/405

 PUBLIC LAW 105-225—AUG. 12, 1998 112 STAT. 1289 §20703. Purposes The purposes of the corporation are as provided in the articles of incorporation and include— (1) the advancement of the humanistic studies in all fields of learning; and (2) the maintenance and strengthening of relations among the national societies devoted to those studies. §20704. Membership Except as provided in this chapter, eligibility for membership in the corporation and the rights and privileges of members are as provided in the constitution and bylaws of the corporation. §20705. Governing body (a) BOARD OF DIRECTORS.— The board of directors and the responsibilities of the board are as provided in the articles of incorporation. (b) OFFICERS. —The officers and the election of officers are as provided in the articles of incorporation. §20706. Powers The corporation has only the powers provided in its bylaws and articles of incorporation filed in each State in which it is incorporated. §20707. Restrictions (a) STOCK AND DIVIDENDS.— The corporation may not issue stock or declare or pay a dividend. (b) POLITICAL ACTIVITIES.— The corporation or a director or officer as such may not contribute to, support, or participate in any political activity or in any manner attempt to influence legislation. (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 director, officer, or member during the life of the charter granted by this chapter. This subsection does not prevent the pay- ment of reasonable compensation to an officer or reimbursement for actual necessary expenses in amounts approved by the board of directors. (d) LOANS. —The corporation may not make a loan to a director, officer, or employee. (e) CLAIM OF GOVERNMENTAL APPROVAL OR AUTHORITY. —The corporation may not claim congressional approval or the authority of the United States Government for any of its activities. § 20708. Duty to maintain tax-exempt status The corporation shall maintain its status as an organization exempt from taxation under the Internal Revenue Code of 1986 (26 U.S.C. 1 et seq.). If the corporation does not maintain that status, the charter granted by this chapter expires. § 20709. Records and inspection (a) RECORDS.— The corporation shall keep— (1) correct and complete records of account; (2) minutes of the proceedings of its members, board of directors, and committees having any of the authority of its board of directors; and

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