Page:United States Statutes at Large Volume 112 Part 2.djvu/474

 112 STAT. 1358 PUBLIC LAW 105-225—AUG. 12, 1998 (5) make contracts; (6) acquire, own, lease, encumber, and transfer property as necessary or convenient to carry out the purposes of the corporation; (7) borrow money, issue instruments of indebtedness, and secure its obligations by granting security interests in its property; (8) use corporate funds to give prizes, awards, loans, and grants to deserving students and young farmers to carry out the purposes of the corporation; (9) publish a magazine and other publications; (10) procure for and distribute to State associations, local chapters, and members all official Future Farmers of America supplies and equipment; (11) sue and be sued; and (12) do any other act necessary and proper to carry out the purposes of the corporation. § 70907. Exclusive right to name, seals, emblems, and badges The corporation and its authorized chapters and associations of chapters have the exclusive right to use the name "Future Farmers of America" and the initials FFA as representing an agricultural membership organization and seals, emblems, and badges the corporation adopts. §70908. Restrictions (a) STOCK AND DIVIDENDS. — The corporation may not issue stock or declare or pay a dividend. (b) 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. (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 director, officer, or member, except on dissolution or final liquidation of the corporation. (d) LOANS. — The corporation may not make a loan to a director, officer, or employee. Directors who vote for or assent to making a loan to a director, officer, or employee, and officers who participate in making the loan, are jointly and severally liable to the corporation for the amount of the loan until it is repaid. (e) PRIZES, AWARDS, GRANTS, OR LOANS TO STUDENT OFFICERS AND MEMBERS MEETING CRITERIA.— T h is section does not preclude prizes, awards, grants, or loans to student officers and members meeting the criteria established by the board of directors for selecting recipients of those benefits. § 70909. Availability of personnel, services, and facilities of Department of Education On request of the board of directors of the corporation, the Secretary of Education may make personnel, services, and facilities of the Department of Education available to administer or assist in the administration of the activities of the corporation. Personnel of the Department may not receive compensation from the corporation for their services, except that travel and other legitimate expenses as defined by the Secretary and approved by the board may be paid. The Secretary also may cooperate with the State

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