Page:United States Statutes at Large Volume 68 Part 1.djvu/523

 68 S T A T. ]

SEC. 6. Eligibility for membership in the corporation and the rights and privileges of members shall, except as provided in this Act, be determined according to the constitution and bylaws of the corporation. In the conduct of the official business of the corporation each member shall have one vote. SEC. 7. The corporation shall be governed by a board of directors composed of not less than fifteen members of the corporation who shall be elected annually to serve on such board by the members of the corporation. SEC. 8. The officers of the corporation shall consist of a chairman of the board, a president, one or more vice presidents, a secretary, a treasurer, and such assistant officers as the board of directors shall designate. The officers shall perform such duties and have such powers as the bylaws and the board of directors may from time to time prescribe. SEC. 9. (a) No part of the income or assets of the corporation shall inure to any member, officer, or director, or be distributable to any such person except upon dissolution and final liquidation of the corporation as provided in section 15 of th^s Act. (b) The corporation shall not make loans to its officers, directors, or employees. Any director who votes for or assents to the making of a loan to any officer, director, or employee of the corporation, and any officer who participates in the making of such a loan shall be jointly and severally liable to the corporation for the amount of such loan until the repayment thereof. SEC. 10. The corporation and its members, officers, and directors, as such, shall not contribute to or otherwise support or assist any political party or candidate for elective public office. SEC. 11. The corporation shall be liable for the acts of its officers and agents when acting within the scope of their authority. SEC. 12. The corporation shall have no power to issue any shares of stock or to declare or pay any dividends, or to engage in business for pecuniary profit. SEC. 13. The corporation shall keep correct and complete books and records of account and shall also keep minutes of the proceedings of its members, the board of directors, and committees having any authority under the board of directors; and it shall also keep 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, at any reasonable time. SEC. 14. (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 Dooks, 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 Congress not later than May 15 of each year. The report shall set forth the scope of the audit and shall include a verification by the )erson or persons conducting the audit of statements of (1) assets and labilities, (2) capital and surplus or deficit, (3) surplus or deficit analysis, (4) income and expense, and (5) sources and application of funds. Such reports shall not be printed as public documents.

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PUBLIC LAW 507-JULY 19, 1954 Members h4><

Board of Directors.

Officers.

Assets.

Loans*

P o l i t i c al sup* port, etc*

Liability. B u s i n e s s for profit, e t c.

Records.

Audit.

Report to Congress.

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