Page:United States Statutes at Large Volume 112 Part 2.djvu/464

 112 STAT. 1348 PUBLIC LAW 105-225 —AUG. 12, 1998 (5) continuing to loyally serve the United States Navy, United States Marine Corps, and United States Coast Guard; (6) preserving the spirit of shipmanship by providing assistance to shipmates and their families; and (7) instilling love of the United States and its flag, and promoting soundness of mind and body, in the youth of the United States. (b) CORPORATE FUNCTION. —The corporation shall function as an educational, patriotic, civic, historical, and research organization under the laws of the State of Delaware. §70104. 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 the articles of incorporation and bylaws. (b) NONDISCRIMINATION.— The terms of membership may not discriminate on the basis of race, color, religion, sex, disability, age, or national origin. §70105. Governing body (a) BOARD OF DIRECTORS. —The board of directors and the responsibilities of the board are as provided in the bylaws and articles of incorporation. (b) OFFICERS. —The officers and the election of officers are as provided in the bylaws and articles of incorporation. (c) NONDISCRIMINATION.— The requirements for serving as a director or officer may not discriminate on the basis of race, color, religion, sex, disability, age, or national origin. §70106. Powers The corporation has only the powers provided in its bylaws and articles of incorporation filed in each State in which it is incorporated. §70107. 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 or reimbursement for actual necessary expenses in amounts approved by the board of directors. (c) LOANS. —The corporation may not make a loan to a director, officer, employee, or member. (d) 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. §70108. Duty to maintain corporate and tax-exempt status (a) CORPORATE STATUS. — The corporation shall maintain its status as a corporation incorporated under the laws of Delaware. (b) 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.).

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