Page:United States Statutes at Large Volume 112 Part 2.djvu/512

 112 STAT. 1396 PUBLIC LAW 105-225—AUG. 12, 1998 of the corporation. The board is responsible for the control of all funds of the corporation. (2) The selection of directors and their term of office are as provided in the bylaws. (b) OFFICERS.—(1) The officers of the corporation are a president, one or more vice presidents, a secretary, a treasurer, and other officers as provided in the bylaws. Their duties are as provided in the bylaws. (2) The officers shall be elected at the annual meeting of the corporation. §150905. Powers The corporation may- CD 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 directors, officers, trustees, managers, employees, 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. §150906. 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 a political party or candidate for 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 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. §150907. Principal office The principal office of the corporation shall be in the District of Columbia or another place decided by the board of directors. However, the activities of the corporation may be conducted throughout the world. §150908. Records and inspection (a) RECORDS.— The corporation shall keep— (1) correct and complete records of account;

�