Page:United States Statutes at Large Volume 68 Part 1.djvu/831

 68 S T A T. ]

PUBLIC LAW 662-AUG. 24, 1954 OFFICERS

SEC. 8. (a) The officers of the corporation shall consist of a president, vice president, secretary, treasurer, historian, and such other officers as may be determined by bylaw. The officers shall have such powers, consistent with this charter, as may be provided by bylaw. (b) The officers shall be elected by the board of directors at its initial meeting and thereafter at its annual designated meeting and shall serve for a term of one year. LIMITATIONS ON USE OF F U N D S

SEC. 9. (a) No part of the net earnings of the corporation shall inure to the benefit of any member, officer, director, or private individual, nor shall any member or private individual be liable for the obligations of the corporation. (b) The corporation shall not make any loans to its officers or members of the board of directors. Any officer or director who votes for, assents to, or participates in the making of a loan or advance to an officer or director shall be jointly and severally liable to the corporation for the amount of such loan until its repayment. NONPOLITICAL NATURE OF CORPORATION

SEC. 10. (a) None of the activities, funds, property, or income of the corporation shall be used in carrying on any political activity, directly or indirectly, or in attempting to influence legislation. (b) Neither the corporation nor its officers or directors shall, as such, contribute to or otherwise support or assist any political party or candidate for elective public office. LIABILITY FOR ACTS OF OFFICERS A N D AGENTS

SEC. 11. The corporation shall be liable for the acts of its officers and agents within the scope of their authority. PROHIBITION AGAINST ISSUE OF STOCK OR P A Y M E N T OF DIVIDENDS

SEC. 12. The corporation shall not issue any shares of stock, nor declare or pay dividends. BOOKS A N D RECORDS

SEC. 13. The corporation shall keep correct and complete books and records of account. I t shall also keep minutes of the proceedings of its membership and of the board of directors or committees having any of the authority of the board of directors. I t shall also keep at its principal office a record giving the names and addresses of its members, directors, and officers. 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. AUDIT OF F I N A N C I A L TRANSACTIONS

SEC. 14. (a) The financial transactions of the corporation 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 financial records, reports, files, and all other papers, things, or property belonging to or in use by the corporation

799

�