Page:United States Statutes at Large Volume 112 Part 2.djvu/530

 112 STAT. 1414 PUBLIC LAW 105-225—AUG. 12, 1998 (c) POLITICAL ACTIVITIES. —The corporation or a director, officer, or member as such may not contribute to, support, or assist a political party or candidate for elective public office. (d) 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. (e) 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. §152308. Principal office The principal office of the corporation shall be at the place the board of directors decides. However, the activities of the corporation may be conducted throughout the States, territories, and possessions of the United States. § 152309. 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. §152310. Service of process (a) DISTRICT OF COLUMBIA.— The corporation shall have a designated agent in the District of Columbia to receive service of process for the corporation. Designation of the agent shall be filed in the office of the clerk of the United States District Court for the District of Columbia. Notice to or service on the agent, or mailed to the business address of the agent, is notice to or service on the corporation. (b) STATES, TERRITORIES, AND POSSESSIONS. — As a condition to the exercise of any power or privilege granted by this chapter, the corporation shall file, with the secretary of state or other designated official of each State, territory, or possession of the United States in which the corporation does business, the name and address of an agent in that State, territory, or possession on whom legal process or demands against the corporation may be served. § 152311. 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. §152312. Distribution of assets on dissolution or Hnal liquidation On dissolution or final liquidation of the corporation, any assets remaining after the discharge of all liabilities shall be used by the board of directors for the purposes stated in section 152302 of this title or be transferred to a recognized educational foundation.

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