Page:United States Statutes at Large Volume 112 Part 2.djvu/529

 PUBLIC LAW 105-225 —AUG. 12, 1998 112 STAT. 1413 §152303. Membership (a) ELIGIBILITY. — Except as provided in this chapter, eligibility for membership in the corporation and the rights and privileges of members are as provided in the constitution and bylaws of the corporation. (b) VOTING.—Each member has one vote in the conduct of official business of the corporation. §152304. Governing body (a) GENERAL.— (1) The board of directors is the governing body of the corporation. The board may be known as an Executive Committee. (2) The board shall consist of at least 10 individuals who shall be representative of members of the corporation or other individuals selected by the members of the corporation. The directors shall be elected by the members of the corporation annually or at another regular interval as provided in the bylaws of the corporation. (b) OFFICERS. — The officers of the corporation are a chairman of the board, a president, one or more vice presidents, a secretary, a treasurer, and assistant officers the board designates. The officers shall perform the duties and have the powers provided in the bylaws and by the board. §152305. Powers The corporation may— (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) choose officers, managers, employees, and agents as the activities of the corporation require; (4) make contracts; (5) publish a bulletin, magazine, and other publications; (6) acquire, own, lease, encumber, and transfer property as necessary to carry out the purposes of the corporation; (7) borrow money, issue instruments of indebtedness, and secure its obligations by granting security interests in its property; (8) use corporate funds to give prizes, awards, loans, scholarships, and grants to deserving composers, conductors, and others for the purposes stated in section 152302 of this title and for other purposes the board of directors considers proper; (9) sue and be sued; and (10) do any other act necessary and proper to carry out the purposes of the corporation. § 152306. Exclusive right to name, seals, emblems, and badges The corporation has the exclusive right to use the name "National Music Council" and seals, emblems, and badges the corporation adopts. §152307. Restrictions (a) PROFIT. —The corporation may not engage in business for profit. (b) STOCK AND DIVIDENDS. —The corporation may not issue stock or declare or pay a dividend.

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