Page:United States Statutes at Large Volume 123.djvu/3022

 123STA T . 3 0 02 PUBLIC LA W 111 –95—NOV . 6, 2009 ‘ ‘ (3)toadv o c at emil ita ryf orce s ade qu atetot h e defe n se of the U nited S tates ‘‘( 4 ) to foster the inte g rity and p restige of the A rmed F orces; ‘‘( 5 ) to foster fraternal relations b et w een all branches of the various Armed Forces from which members are drawn; ‘‘( 6 ) to further the education of children of members of the Armed Forces; ‘‘( 7 ) to aid members of the Armed Forces and their family members and survivors in every proper and legitimate manner; ‘‘( 8 ) to present and support legislative proposals that pro - vide for the fair and equitable treatment of members of the Armed Forces , including the N ational G uard and R eserves, military retirees, family members, survivors, and veterans; and ‘‘( 9 ) to encourage recruitment and appointment in the Armed Forces .‘ ‘ §140 40 3.Memb e rship ‘‘ E ligibility for membership in the corporation, and the rights and privileges of members of the corporation, are as provided in the bylaws of the corporation. ‘‘§ 140404. Gov er n in g bo dy ‘‘(a) BOARD O FDI R ECT OR S . —T he composition of the board of directors of the corporation, and the responsibilities of the board, are as provided in the articles of incorporation and bylaws of the corporation. ‘‘(b) O FFICERS.—The positions of officers of the corporation, and the election of the officers, are as provided in the articles of incorporation and bylaws. ‘‘§ 14040 5 . P o w ers ‘‘The corporation has only those powers provided in its bylaws and articles of incorporation filed in each State in which it is incorporated. ‘‘§ 14040 6 . R es t ri c tions ‘‘(a) STOC K A N DDI V IDENDS.—The corporation may not issue stoc k or declare or pay a dividend. ‘‘(b) DISTRI BU TION OF I NCO M E 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 of the corporation during the life of the charter granted by this chapter. This subsection does not prevent the payment of reasonable compensation to an officer or employee of the corporation or reimbursement for actual nec- essary e x penses in amounts approved by the board of directors. ‘‘(c) L OANS.—The corporation may not make a loan to a director, officer, employee, or member of the corporation. ‘‘(d) CL AIM OF GOVERNMENTAL A P PROVAL OR AUT H ORIT Y .—The corporation may not claim congressional approval or the authority of the United States Government for any of its activities. ‘‘(e) CORPORATE STATUS.—The corporation shall maintain its status as a corporation incorporated under the laws of the Common- wealth of V irginia.