Page:United States Statutes at Large Volume 112 Part 2.djvu/499

 PUBLIC LAW 105-225 —AUG. 12, 1998 112 STAT. 1383 (1) adopt and amend a constitution and bylaws for the management of its property and the regulation of its affairs; (2) adopt and alter a corporate seal; (3) make contracts; (4) acquire, own, lease, encumber, and transfer property as necessary or convenient to carry out the purposes of the corporation; (5) borrow money, issue instruments of indebtedness, and secure its obligations by granting security interests in its property; (6) charge and collect membership dues; and (7) sue and be sued. §140506. 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 or officer as such may not contribute to, support, or assist a political party or candidate for 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. This subsection does not prevent the payment of compensation to an officer in an amount approved by the executive committee 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. §140507. Principal office The principal office of the corporation shall be in the District of Columbia or another place decided by the national executive board. 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. § 140508. 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. § 140509. 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.

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