Page:United States Statutes at Large Volume 72 Part 1.djvu/1735

 72

STAT.]

PUBLIC LAW 85-870-SEPT. 2, 1958

George Miller, Los Angeles, California; Nicholas C. Mueller, Baltimore, Maryland; Herbert Myerberg, Baltimore, Maryland; Thomas J. Potts, Columbus, Ohio; Norfleet H. Rand, Saint Louis, Missouri; G. Ruhland Rebmann, Junior, Philadelphia, Pennsylvania; James B. Reese, Los Angeles, California; Sanford Reider, Cleveland, Ohio,; Thomas A. Rogers, Denver, Colorado; Robert N. Rosenthal, Cincinnati, Ohio; Canon John Samuel, Hamilton, Ontario, Canada; Maurice Schwarz, Junior, Los Angeles, California; Isadore M. Scott, Philadelphia, Pennsylvania; Milton Seaman, New York City, New York; Nathaniel Sharf, Boston, Massachusetts; J a y C. Standish, Cleveland, Ohio; Donald W. Thornburgh, Philadelphia, Pennsylvania; Robert L. Walston, Houston, Texas; J. Austin White, Cincinnati, Ohio; Meredith Willson, Los Angeles, California: Paul Wilson, Detroit, Michigan; and E. N. Zeigler, Florence, South Carolina. (b) Thereafter the board of directors of the corporation shall consist of such number as may be prescribed in the constitution of the corporation, and the members of such board shall be selected in such manner (including the filling of vacancies), and shall serve for such terms, as may be prescribed in the constitution and bylaws of the corporation. (c) The board of directors shall be the managing body of the cororation and shall have such powers, duties, and responsibilities as may e prescribed in the constitution and bylaws of the corporation.

E

OFFICERS: ELECTION AND DUTIES or

OFFICERS

SEC. 8. (a) The officers of the corporation shall be a chairman of the board of directors, a president, one or more vice presidents (as may be prescribed in the constitution and bylaws of the corporation), a secretary, and a treasurer. (b) The officers of the corporation shall be elected in such manner and for such terms and with such duties as may be prescribed in the constitution and bylaws of the corporation. USE OF INCOME: LOANS TO OFFICERS, DIRECTORS, OR EMPLOYEES

SEC. 9. (a) No part of the income or assets of the corporation shall inure to any of its members, directors, or officers as such, or be distributable to any of them during the life of the corporation or upon its dissolution or final liquidation. Nothing in this subsection, however, shall be construed to prevent the payment of compensation to officers of the corporation in amounts approved by the board of directors of the corporation. (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 or advance to an officer, director, or employee of the corporation, and any officer 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.

1693

�