Page:United States Statutes at Large Volume 72 Part 1.djvu/1782

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PUBLIC LAW 86-903H5EPT. 2, 1968

[72 S T A T.

such manner, including the filling of vacancies and serve such terms as shall be prescribed under the constitution and bylaws of the corporation. (c) The board of directors shall be the governing board of the corporation and shall, during the intervals between corporation meetings, be responsible for the general policies and program of the corporation. The board shall be responsible for all finances of the corporation. OFFICERS, ELECTION OF OFFICERS

SEC. 7. (a) The officers of the corporation shall be a president and such number of vice presidents as shall be provided for in the constitution and bylaws, as well as a secretary and treasurer. (b) The officers of the corporation shall be elected in such manner and for such terms as well as with such duties as may be prescribed in the constitution and bylaws of the corporation. USE OF I N C O M E; LOANS TO OFFICERS, DIRECTORS, OR EMPLOYEES

SEC. 8. (a) No part of the income or assets of the corporation shall inure to any officer or director or be distributable to any such person. Xothing in this section, however, shall be construed to prevent the payment of compensation to the officers or employees of the corporation in amounts approved by the executive committee 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 to an officer, director, or employee of the corporation, and any officer who participates in the making of such loan, shall be jointly and severally liable to the corporation for the amount of such loan until the repayment thereof. NONPOLITICAL NATURE OF CORPORATION

SEC. 9. The corporation, and its officers and directors as such, shall not contribute to or otherwise support or assist any political party or candidate for public office. LIABILITY FOR ACTS OF OFFICERS AND AGENTS

SEC. 10. The corporation shall be liable for the acts of its officers and agents when acting within the scope of their authority. PROHIBITION AGAINST ISSUANCE OF STOCK OR PAYMENT OF DIVIDENDS

S E C 11. The corporation shall have no power to issue any shares of stock or to declare or pay any dividends. BOOKS AND R E C O R D S; INSPECTION

SEC. 12. The corporation shall keep correct and complete books and records of account and shall keep minutes of the proceedings of its members, board of directors, and committees having any authority under the board of directors; and it shall also 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 entitled to vote, or his agent or attorney, for any proper purpose, at any reasonable time.

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