Page:United States Statutes at Large Volume 112 Part 2.djvu/489

 PUBLIC LAW 105-225—AUG. 12, 1998 112 STAT. 1373 (c) DISTRIBUTION OF INCOME OR ASSETS. —The income or assets of the corporation may not inure to the benefit of, or be distributed to, an officer or member during the life of the corporation or on its dissolution or final liquidation. This subsection does not prevent the payment of compensation to an officer or reimbursement for actual necessary expenses in amounts approved by the council of administration of the corporation. (d) LOANS. —The corporation may not make a loan or advance to an officer or employee. Members of the council of administration who vote for or assent to making a loan or advance to an officer or employee, and officers who participate in making the loan or advance, are jointly and severally liable to the corporation for the amount of the loan or advance until it is repaid. §130108. Principal office The principal office of the corporation shall be in the District of Columbia or another place decided by the corporation. However, the activities of the corporation are not confined to the place where the principal office is located but may be conducted throughout the States, territories, and possessions of the United States. § 130109. Records and inspection (a) RECORDS.— The corporation shall keep— (1) correct and complete records of account; and (2) minutes of the proceedings of its national conventions and council of administration. (b) INSPECTION. —A member, or an agent or attorney of the member, may inspect the records of the corporation for any proper purpose, at any reasonable time. §130110. Service of process The corporation shall have a designated agent in the District of Columbia to receive service of process for the corporation. Notice to or service on the agent, or mailed to the business address of the agent, is notice to or service on the corporation. § 130111. Liability for acts of officers and agents The corporation is liable for the acts of its officers and agents acting within the scope of their authority. §130112. Annual report Not later than March 1 of each year, the corporation shall submit a report to Congress on the activities of the corporation during the prior fiscal year. The report may consist of a report on the proceedings of the national convention. The report may not be printed as a public document. §130113. Distribution of assets on dissolution or final liquidation On dissolution or final liquidation of the corporation, any assets remaining after the discharge of all liabilities shall be distributed as provided by the council of administration, but in compliance with the constitution and bylaws of the corporation.

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