Page:United States Statutes at Large Volume 72 Part 1.djvu/968

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PUBLIC LAW 85-769-AUG. 27, 1958

[72 S T A T.

(b) The officers shall have such powers consistent with this charter, as may be determined by the bylaws. (c) The officers of the corporation shall be elected in such manner and have such terms and with such duties as may be prescribed in the bylaws of the corporation. DISTRTBtJTION OF I N C O M E OR ASSETS TO M E M B E R S; LOANS

SEC. 9. (a) No part of the income or assets of the corporation shall inure to any member, officer, or director as such, or be distributed to any of them during the life of the corporation or upon its dissolution or final liquidation, nor shall any member or private individual be liable for the obligations of the corporation. Nothing in this section, however, shall be construed to prevent— (1) the payment of bona fide expenses of officers of the corporation in amounts approved by the board of directors; or (2) the payment of appropriate aid to blinded veterans, their widows or their children pursuant to the objects of the corporation. (b) The corporation shall not make loans to its officers, directors, or employees. Any officer or 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 payment thereof. NONPOLITICAL NATURE

OF

CORPORATION

SEC. 10. The corporation, and its officers and directors as such, shall not contribute to or otherwise support or assist any political party or candidate for elective public office. L I A B I L I T Y FOR ACTS OF OFFICERS AND A(iENTS

SEC. 11. The corporation shall be liable for the acts of its officers and agents when acting within the scope of their authority. P R O H I B I T I O N AGAINST I S S U A N C E OF STOCK OR I S S U A N C E OF DIVIDENDS

SEC. 12. The corporation shall have no power to issue any shares of stock or declare or pay dividends. BOOKS AND R E C O R D S;

INSPECTION

SEC. 18. 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 authority under the board of directors. It 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; REPORT TO CONGRESS

SEC. 14. (a) The financial transactions of the corporation shall be audited annually by an independent certified 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

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