Page:United States Statutes at Large Volume 112 Part 2.djvu/439

 PUBLIC LAW 105-225—AUG. 12, 1998 112 STAT. 1323 (3) training men and women as leaders in fundamental education by providing internships and other experiences. §30703. Membership (a) ELIGIBILITY.— Except as provided in this chapter, eligibility for membership in the corporation and the rights and privileges of members are as provided in constitution and bylaws of the corporation. (b) VOTING.—Each member has one vote in the conduct of official business of the corporation. §30704. Governing body (a) BOARD OF DIRECTORS. — The board of directors is the governing body of the corporation. The board shall consist of at least 15 directors elected annually by the members. (b) OFFICERS,—The officers of the corporation are a chairman of the board, a president, one or more vice presidents, a secretary, a treasurer, and any assistant officers designated by the board. The officers have the powers and shall carry out the duties provided in the bylaws or prescribed by the board. §30705. Powers The corporation may— (1) adopt and amend a constitution and 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 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; (7) use corporate funds to give prizes, awards, loans, scholarships, and grants to deserving students to carry out the purpose of the corporation; (8) publish a magazine and other publications; (9) sue and be sued; and (10) do any other act necessary and proper to carry out the purpose of the corporation. § 30706. Exclusive right to name, seals, emblems, and badges The corporation has the exclusive right to use the name "Board for Fundamental Education" and seals, emblems, and badges the corporation adopts. §30707. Restrictions (a) PROFIT. —The corporation may not engage in business for profit. (b) STOCK AND DIVIDENDS. — The corporation may not issue stock or declare or pay a dividend. (c) POLITICAL ACTIVITIES. — The corporation or a director, officer, or member as such may not contribute to, support, or assist a political party or candidate for elective public office. (d) DISTRIBUTION OF INCOME OR ASSETS. —The income or assets of the corporation may not inure to the benefit of, or be distributed

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