Page:United States Statutes at Large Volume 112 Part 2.djvu/429

 PUBLIC LAW 105-225—AUG. 12, 1998 112 STAT. 1313 (3) choose officers, trustees, 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. §23106. Restrictions (a) STOCK AND DIVIDENDS. — The corporation may not issue stock or declare or pay a dividend. (b) POLITICAL ACTIVITIES. — The corporation or a trustee, officer, employee, member of the board of nominations, or member of the corporation 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 trustee, officer, member of the board of nominations, or member of the corporation, as such, during the life of the corporation or on its dissolution or final liquidation. This subsection does not prevent the payment of reasonable compensation to an officer or employee in an amount approved by the board of trustees. (d) LOANS. —The corporation may not make a loan or advance to a trustee, officer, employee, member of the board of nominations, or member of the corporation. Trustees who vote for or assent to making such a loan or advance, 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 23102(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. §23107. Principal office The principal office of the corporation shall be in Da3^on, Ohio, or another place decided by the board of trustees. However, the activities of the corporation are not confined to the place where the principal office is located but may be conducted throughout the States, territories, and possessions of the United States. §23108. 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 trustees, board of nominations, and committees having any of the authority of its board of trustees; and (3) at its principal office, a record of the names and addresses of its members entitled to vote.

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