Page:United States Statutes at Large Volume 112 Part 2.djvu/494

 112 STAT. 1378 PUBLIC LAW 105-225 —AUG. 12, 1998 (8) charge and collect membership dues and subscription fees; (9) sue and be sued; and (10) do any other act necessary or desirable to carry out the purposes of the corporation. § 130506. Exclusive right to name and emblems The corporation has the exclusive right to use and to allow others to use the names "Little League" and "Little Leaguer" and the official Little League emblem or any colorable simulation of that emblem. This section does not affect any vested rights. §130507. 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 agent as such may not contribute to, support, or assist any political party or candidate for office. (c) DISTRIBUTION OF INCOME OR ASSETS. — The income and 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 corporation or on its dissolution or final liquidation. This subsection does not prevent the payment of reasonable compensation to an officer in an amount approved by the board of directors. (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. §130508. Principal office The principal office of the corporation shall be in Williamsport, Pennsylvania, or another place decided by the board of directors. However, the activities of the corporation may be conducted throughout the world. §130509. 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. § 130510. Statement required in audit report The corporation shall include in the audit report statement required under section 10101(b)(l)(B) of this title a schedule of all contracts requiring payments greater than $10,000 and all pay- ments of compensation or fees at a rate greater than $10,000 a year.

�