Page:United States Statutes at Large Volume 92 Part 2.djvu/366

 92 STAT. 1646

PUBLIC LAW 95-493—OCT. 20, 1978 USE OF I N C O M E: L O A N S TO OFFICERS, T R U S T E E S, OR E M P L O Y E E S

36 USC 1209.

SEC. 9. (a) No part of the income or assets of the Corporation shall inure to any of its members, trustees, 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 reasonable compensation to officers or employees of the corporation or reimbursement for actual expenses in amounts approved by the board of trustees of the corporation. (b) The corporation shall not make loans to its officers, trustees, 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 loan or an advance shall be jointly and severally liable to the corporation for the amount of such loan or advance until the repayment thereof. LIABILITY FOR ACTS OF OFFICERS AND

36 USC 1210.

AGENTS

S E C 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 P A Y M E N T OF DIVIDENDS

36 USC 1211.

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:

36 USC 1212.

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 trustees, and committees having any authority under the board of trustees, 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 the agent or attorney of such member, for any proper purpose, at any reasonable time. AUDIT OF F I N A N C I A L

TRANSACTIONS

36 USC 1213.

SEC 13. (a) The provisions of sections 2 and 3 of the Act entitled "An Act to provide for audit of accounts of private corporations established under Federal law", approved August 30, 1964 (36 U.S.C. 1102, 1103), shall apply with respect to the corporation. (b) The corporation shall comply with the provisions of Public 40 USC 193m-l. Law 91-510, section 451, October 26, 1970. USE OF ASSETS ON DISSOLUTION

36 USC 1214,

OR

LIQUIDATION

S E C 14, Upon dissolution or final liquidation of the corporation, after discharge or satisfaction of all outstanding obligations and i liabilities, any remaining assets of the corporation shall be distributed in accordance with the determination of the board of trustees of thei corporation and in compliance with the constitution and bylaws of I the corporation and all Federal and State laws applicable thereto.

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