Page:United States Statutes at Large Volume 66.djvu/86

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PUBLIC LAW 2 9 3 - A P R. 3, 1952

A c q u i s ! tion of certain a s s e t s.

Information to Congress.

D i s t r i bution of assets.

Propaganda. Political butions.

contri-

Acts of officers. R e c o r d s of account, e t c.

Stock. Loans.

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Annual audit.


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Report to Congress.

[66

STAT,

Groman, Mrs. Edna Rose Pearson, Mrs. Donalcl O. Hayes, James H. Pearson, William McMenamin, Wilfred S. Dowling, John S. Bartlett, Mrs. Maurine Howard Abernathy, Carl M. Walker, Don Cassidy, William Garnett Lee, Walter Haefs, Heber H. Rice, Miss Marion Jones, Miss Dorothy Hurley, Charles F. Sharkey, Arthur Angel, Ralph A. Patterson, Miss Hazel Ireman. SEC. 8. The corporation may acquire any or all of the assets of the existing organization known as the Conference of State Societies, Washington, District of Columbia, upon discharging or providing for the payment and discharge of all its liabilities; and shall promptly file with the Congress full information with respect to such discharge provisions. SEC. 9. No part of the income or assets of the corporation shall inure or be distributable to any member or officer thereof except upon dissolution and final liquidation of the corporation as provided in section 17 of this Act. SEC. 10. No part of the activities of the corporation shall consist of carrying on propaganda. SEC. 11. The corporation, and its members and officers as such, shall not contribute to or otherwise support or assist any political party or candidate for elective public office. SEC. 12. The corporation shall be liable for the acts of its officers and agents when acting within the scope of their authority. SEC. 13. The corporation shall keep current and complete books and records of account and shall also keep minutes of the proceedings of its members and of the board of representatives or committees having any authority of the board of representatives. I t shall keep at its principal office a record of the names and addresses of its members entitled to vote. All books and records of the corporation may be inspected by any member or his agent or attorney for any proper purpose at any reasonable time. SEC. 14. The corporation shall not have or issue any shares of stock, nor declare or pay any dividends. SEC. 15. The corporation shall not make any loans to its officers or members of the board of representatives. Any officer or board of representatives member who votes for or assents to the making of a loan or advance to an officer or board of representatives member, and any officer or board of representatives member who participates in the making of such a loan or advance, shall be jointly and severally liable to the corporation for the amount of such loan until the repayment thereof. SEC. 16. (a) The financial transactions shall be audited annually by an independent certified public accountant in accordance with the principles and procedures applicable to commercial corporate transactions. The audit shall be conducted at the place or places where the accounts of the corporation are normally kept. All books, accounts, financial records, reports, files, and all other papers, things, or property belonging to or in use by the corporation and necessary to facilitate the audit shall be made available to the person or persons conducting the audit; and full facilities for verifying transactions with the balances or securities held by depositors, fiscal agents, and custodians shall be afforded to such person or persons. (b) A report of such audit shall be made by the corporation to the Congress not later than July 15 of each year. The report shall set forth the scope of the audit and shall include a verification by the person or persons conducting the audit of statements of (1) assets and liabilities, (2) capital and surplus or deficit, (3) surplus or deficit analysis, (4) income and expense, and (5) sources and application of funds. ',r.'' <-,•: u ff.-ir ' V;

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