Page:United States Statutes at Large Volume 95.djvu/1121

 PUBLIC LAW 97-83—NOV. 20, 1981

95 STAT. 1095

BOARD OF D I R E C TO R S; COMPOSITION; RESPONSIBILITIES

SEC. 6. The board of directors of the corporation and the responsibil- 36 USC 1806. ities thereof shall be as provided in the articles of incorporation of the corporation and in conformity with the laws of the State or States in which it is incorporated. OFFICERS OF CORPORATION

SEC. 7. The officers of the corporation, and the election of such 36 USC 1807. officers shall be as is provided in the articles of incorporation of the corporation and in conformity with the laws of the State or States wherein it is incorporated. RESTRICTIONS

SEC. 8. (a) No part of the income or assets of the corporation shall 36 USC 1808. inure to any member, officer, or director of the corporation or be distributed to any such person during the life of this charter. Nothing in this subsection shall be construed to prevent the payment of reasonable compensation to the officers of the corporation or reimbursement for actual necessary expenses in amounts approved by the board of directors. (b) The corporation shall not make any loan to any officer, director, or employee of the corporation. (c) The corporation and any officer and director of the corporation, acting as such officer or director, shall not contribute to, support or otherwise participate in any political activity or in any manner attempt to influence legislation. (d) The corporation shall have no power to issue any shares of stock nor to declare or pay any dividends. (e) The corporation shall not claim congressional approval or Federal Government authority for any of its activities. LIABILITY

SEC. 9. The corporation shall be liable for the acts of its officers and 36 USC 1809. agents when acting within the scope of their authority. BOOKS A N D R E C O R D S; INSPECTION

SEC. 10. The corporation shall keep correct and complete books and 36 USC 1810. records of account and shall keep minutes of any proceeding of the corporation involving any of its members, the board of directors, or any committee having authority under the board of directors. The corporation shall keep at its principal office a record of the names and addresses of all members having the right to vote. All books and records of such corporation may be inspected by any member having the right to vote, or by any agent or attorney of such member, for any proper purpose, at any reasonable time. Nothing in this section shall be construed to contravene any applicable State law. AUDIT OF FINANCIAL TRANSACTIONS

SEC. 11. The first section 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. 1101), is amended by adding at the end thereof the following: "(55) United States Submarine Veterans of World War II.".

89-194 O—82

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