Page:United States Statutes at Large Volume 112 Part 2.djvu/519

 PUBLIC LAW 105-225—AUG. 12, 1998 112 STAT. 1403 §151507. 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 participate in any political activity or in any manner attempt to influence legislation. (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 charter granted by this chapter. This subsection does not prevent the pay- ment of reasonable compensation to an officer or reimbursement for actual necessary expenses in amounts approved by the board of directors. (d) LOANS. —The corporation may not make a loan to a director, officer, or employee. (e) CLAIM OF GOVERNMENTAL APPROVAL OR AUTHORIZATION.— The corporation may not claim congressional approval or the authority of the United States Government for any of its activities. § 151508. Duty to maintain corporate and tax-exempt status (a) CORPORATE STATUS.— The corporation shall maintain its status as a corporation incorporated under the laws of Illinois. (b) TAX-EXEMPT STATUS.— The corporation shall maintain its status as an organization exempt from taxation under the Internal Revenue Code of 1986 (26 U.S.C. 1 et seq.). §151509. 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. §151510. Service of process The corporation shall comply with the law on service of process of each State in which it is incorporated and each State in which it carries on activities. § 151511. Liability for acts of ofRcers and agents The corporation is liable for the acts of its officers and agents acting within the scope of their authority. § 151512. Annual report The corporation shall submit an annual report to Congress on the activities of the corporation during the prior fiscal year. The report shall be submitted at the same time as the report of the audit required by section 10101 of this title. The report may not be printed as a public document.

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