Page:United States Statutes at Large Volume 98 Part 3.djvu/726

 98 STAT. 3098

PUBLIC LAW 98-584—OCT. 30, 1984

the corporation and in conformity with the laws of the States in which it is incorporated. OFFICERS

36 USC 3107.

SEC. 7. The officers of the corporation and the election of such officers shall be as provided in the articles of incorporation of the corporation and shall be in conformity with the laws of the States in which it is incorporated. RESTRICTIONS ON CORPORATE POWERS

36 USC 3108.

SEC. 8. (a) No part of the income or assets of the corporation may inure to any member, officer, or director of the corporation or be distributed to any such individual 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 and necessary expenses in amounts approved by the board of directors. (b) The corporation may not make any loan to any officer, director, or employee of the corporation. (c) Neither the corporation nor any officer or director thereof may contribute to, support, or otherwise participate in any political activity or attempt in any manner to influence legislation. (d) The corporation shall have no power to issue any shares of stock or to declare or pay any dividends. (e) The corporation shall not claim the approval or authorization of the Federal Government for any of its activities. LIABILITY

36 USC 3109.

SEC. 9. The corporation shall be liable for the acts of its officers and agents when acting within the scope of their authority. BOOKS AND RECORDS; INSPECTION

36 USC 3110.

SEC. 10. The corporation shall keep correct and complete books and records of accounts 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 in any proceeding of the corporation. All books and records of such corporation may be inspected by any member having the right to vote in any corporation proceeding, 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: "(64) Women's Army Corps Veterans' Association.".

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