Page:United States Statutes at Large Volume 112 Part 2.djvu/535

 PUBLIC LAW 105-225 —AUG. 12, 1998 112 STAT. 1419 §152705. Governing body (a) BOARD OF DIRECTORS.— The board of directors and the responsibihties of the board are as provided in the articles of incorporation. (b) OFFICERS. —The officers and the election of officers are as provided in the articles of incorporation. §152706. Powers The corporation has only the powers provided in its bylaws and articles of incorporation filed in each State in which it is incorporated. §152707. 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. § 152708. Duty to maintain 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.). § 152709. 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. § 152710. 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. § 152711. Liability for acts of ofGcers 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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