PUBLIC LAW 105-225—AUG. 12, 1998 112 STAT. 1335 to or service on the agent, or mailed to the business address of the agent, is notice to or service on the corporation. §40510. Liability (a) LIABILITY OF CORPORATION.—The corporation is liable for the acts of its officers and agents acting within the scope of their authority. (b) IMMUNITY OF INDIVIDUALS.—^A member or private individual is not liable for the obligations of the corporation. § 40511. Distribution of assets on dissolution or final liquidation On dissolution or final liquidation of the corporation, any assets remaining after the discharge of all liabilities shall be distributed as provided by the board of directors, but in compliance with the bylaws. CHAPTER 407—CORPORATION FOR THE PROMOTION OF RIFLE PRACTICE AND FIREARMS SAFETY SUBCHAPTER I-CORPORATION See. 40701. Organization. 40702. Governing body. 40703. Powers. 40704. Restrictions. 40705. Duty to maintain tax-exempt status. 40706. Distribution of assets on dissolution. 40707. Nonapplication of audit requirements. SUBCHAPTER II—CIVILIAN MARKSMANSHIP PROGRAM 40721. Responsibility of corporation. 40722. Functions. 40723. Eligibility for participation. 40724. Priority of youth participation. 40725. National Matches and small-arms firing school. 40726. Allowances for junior competitors. 40727. Army support. 40728. Transfer of firearms, ammunition, and parts. 40729. Reservation of firearms, ammunition, and parts. 40730. Surplus property. 40731. Issuance or loan of firearms and supplies. 40732. Saleof firearms and supplies. 40733. Applicability of other law. SUBCHAPTER I—CORPORATION §40701. Organization (a) FEDERAL CHARTER. — Corporation for the Promotion of Rifle Practice and Firearms Safety (in this chapter, the "corporation") is a federally chartered corporation. (b) NON-GOVERNMENTAL STATUS.— The corporation is a private corporation, not a department, agency, or instrumentality of the United States Government. An officer or employee of the corporation is not an officer or employee of the Government. §40702. Governing body (a) BOARD OF DIRECTORS. —(1) The board of directors is the governing body of the corporation. The board of directors may adopt bylaws, policies, and procedures for the corporation and may take any other action that it considers necessary for the mtanagement and operation of the corporation.