Page:United States Statutes at Large Volume 112 Part 2.djvu/469

 PUBLIC LAW 105-225—AUG. 12, 1998 112 STAT. 1353 (1) adopt and amend bylaws for the management of its property and the regulation of its affairs; (2) adopt and alter a corporate seal; (3) choose officers, managers, and agents 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) sue and be sued; and (8) do any other act necessary and proper to carry out the purposes of the corporation. § 70506. Exclusive right to name The corporation has the exclusive right to use the name "The Foundation of the Federal Bar Association". §70507. Restrictions (a) STOCK AND DIVIDENDS. — The corporation may not issue stock or declare or pay a dividend. (b) POLITICAL ACTIVITIES.—(1) The activities, funds, income, and property of the corporation may not be used to carry on political activity or attempt to influence legislation. (2) The corporation or a director or officer as such may not contribute to, support, or assist a political party or candidate for elective public office. (c) DISTRIBUTION OF INCOME. — The income of the corporation may not inure to the benefit of a director, officer, member, or private individual. (d) LOANS.—The corporation may not make a loan or advance to a director or officer. Directors and officers who vote for, assent to, or participate in making a loan or advance to a director or officer are jointly and severally liable to the corporation for the amount of the loan or advance until it is repaid. (e) IMMUNITY FROM LIABILITY. — Members and private individuals are not liable for the obligations of the corporation. § 70508. Principal office The corporation shall have its principal office in the District of Columbia, but may conduct its activities anywhere. § 70509. 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 (3) at its principal office, a record of the names and addresses of its members entitled to vote. (b) INSPECTION. —^A member entitled to vote, or an agent or attorney of the member, may inspect the records of the corporation for any proper purpose, at any reasonable time.

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