112 STAT. 1408 PUBLIC LAW 105-225—AUG. 12, 1998 (c) PERPETUAL EXISTENCE. —Except as otherwise provided, the corporation has perpetual existence. §151902. Purposes The purposes of the corporation are to raise from private sources, administer, and disperse funds for medical education, and in carrying out those purposes, to take other appropriate action to promote— (1) the interpretation of the needs of medical education to the American public; (2) the encouragement of the growth, development, and advancement of constantly improving standards and methods in the education and training of all medical personnel in the United States; and (3) the preservation of academic freedom in the institutions of medical education. §151903. Membership (a) ELIGIBILITY.— Except as provided in this chapter, eligibility for membership in the corporation and the rights, privileges, and designation of classes of members are as provided in the constitution and bylaws of the corporation. (b) VOTING. —Each member (except an honorary, sustaining, or associate member) has one vote on each matter submitted to a vote at a meeting of the members. §151904. Governing body (a) BOARD OF DIRECTORS.—(1) The board of directors is the governing body of the corporation. Between meetings of the members of the corporation, the board is responsible for the general policies and program of the corporation and for the control of all funds of the corporation. (2) The number of directors, their manner of selection (including the filling of vacancies), and their term of office are as provided in the constitution and bylaws of the corporation. However— (A) the corporation shall have at least 15 but not more than 25 directors; and (B) at least four of the directors shall be members of the medical profession. (b) OFFICERS.— (1) The officers of the corporation are a chairman of the board of directors, a president, one or more vice presidents as provided in the constitution and bylaws, a secretary, a treasurer, and one or more assistant secretaries and assistant treasurers as provided in the constitution and bylaws. (2) The manner of election, term of office, and duties of the officers are as provided in the constitution and bylaws. §151905. Powers The corporation may— (1) adopt and amend a constitution and bylaws for the management of its property and the regulation of its affairs; (2) adopt and alter a corporate seal; (3) choose officers, managers, employees, and agents as the activities of the corporation require; (4) make contracts;
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