Page:United States Statutes at Large Volume 112 Part 2.djvu/446

 112 STAT. 1330 PUBLIC LAW 105-225—AUG. 12, 1998 (6) inculcate an enduring love of country, a deep and abiding sense of patriotism, and a profound commitment to Americanism among all the people of the United States; (7) encourage, among the youth of our Nation, respect for our national flag, our anthem, and the traditions of America; (8) preserve the freedoms of all the people, national peace, prosperity, tranquility, good will, the permanence of free institutions, and the defense of the United States; (9) foster the association of veterans of the Catholic faith who have served in the Armed Forces of the United States; (10) encourage morality in government, labor, management, economic, social, fraternal, and all other phases of American life; (11) promote the realization that the family is the basic unit of society; (12) increase our love, honor, and service to Grod and to our fellow man without regard to race, creed, color, or national origin; and (13) function as a veterans' and patriotic organization as authorized by the laws of the each State in which it is incorporated. §40104. Membership Eligibility for membership in the corporation and the rights and privileges of members are as provided in the bylaws. §40105. 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. §40106. Powers The corporation has only the powers provided in its bylaws and articles of incorporation filed in each State in which it is incorporated. §40107. Restrictions (a) STOCK AND DIVIDENDS. — The corporation may not issue stock or declare or pay a dividend. (b) 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 employee in an amount approved by the board of directors. (c) LOANS. —The corporation may not make a loan to a director, officer, or employee. (d) CLAIM OF GOVERNMENTAL APPROVAL OR AUTHORIZATION. — The corporation may not claim congressional approval or the authority of the United States Government for any of its activities. § 40108. 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.).

�