Page:United States Statutes at Large Volume 78.djvu/540

 498

PUBLIC LAW 88-449-AUG. 19, 1964

[78 STAT.

PRINCIPAL CORPORATE OFFICE IVND TERRITORIAL SCOPE OF CORPORATE ACTIVITIES; RESIDENT AGENT

SEC. 7. (a) The corporation initially shall have its principal office in the District of Columbia and later at such place as may be determined by the board of trustees. The corporation shall have the right to conduct its activities in the United States and elsewhere but shall establish a tropical botanical garden or gardens only in the United States. (b) The corporation shall maintain in the District of Columbia at all times a designated agent authorized to accept service of process for the corporation and notice to or service upon such agent, or mailed to the busmess address of such agent, shall be deemed notice to or service upon the corporation. MEMBERSHIP; VOTING RIGHTS

SEC. 8. (a) Eligibility for membership in the corporation and the rights and privileges of members shall, except as provided in this Act, be determined as the constitution and bylaws of the corporation may provide. (b) Each member of the corporation, other than honorary and associate members, shall have the right to one vote on each matter submitted to a vote at all meetings of the members of the corporation. LIABILITY FOR ACTS OF OFFICERS AND AGENTS

SEC. 9. The corf)oration shall be liable for the acts of its officers and agents when acting within the scope of their authority. AUDIT OF FINANCIAL TRANSACTIONS; REPORT TO CONGRESS

SEC. 10. (a) The accounts of the corporation shall be audited annually in accordance with generally accepted auditing standards by independent certified public accountants or independent licensed public accountants, certified or licensed by a regulatory authority of a State or other political subdivision of the United States. The audit shall be conducted at the place or places where the accounts of the corporation are normally kept. All books, 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 l^e made available to the person or persons conducting the audit; and full facilities for verifying transactions with the balances or securities held by depositories, 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 the Congress not later than six months following the close of the fiscal year for which the audit is made. The report shall set forth the scope of the audit and include such statements, together with the independent auditor's opinion of those statements, as are necessary to present fairly the corporation's assets and liabilities, surplus or deficit with an analysis of the changes therein during the year, supplemented in reasonable detail by a statement of the corporation's income and expenses during the year including (1) the results of any trading, manufacturing, publishing, or other commercial-type endeavor carried on by the corporation, and (2) a schedule of all contracts requiring payments in excess of $10,000 and any payments of compensation, salaries, or, fees at a rate in excess of $10,000 per annum. The report shall not be printed as a public document.

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