PUBLIC LAW 105-225—AUG. 12, 1998 112 STAT. 1355 (b) OFFICERS.—(1) The board shall elect officers the board considers necessary, including a treasurer, for the term and at the compensation the board decides, as provided in the bylaws. (2) The treasurer shall give a bond as provided in the bylaws. (3) The board may remove an officer, employee, or agent of the corporation for a cause provided in the bylaws. §70704. Powers The corporation may— (1) adopt and amend bylaws for the regulation of its affairs; (2) adopt and alter a corporate seal; (3) employ persons the corporation considers necessary; (4) acquire, own, lease, encumber, and transfer property; (5) sue and be sued; and (6) do any other act to carry out the purposes of the corporation. §70705. Management of homestead and erection of monument After the corporation has acquired any part of the property occupied by the late Frederick Douglass as his homestead, commonly called Cedar Hill, in the village of Anacostia, District of Columbia, the corporation may— (1) manage, repair, and improve the property to carry out the purposes of the corporation; and (2) erect on the property a monument to the memory of the late Frederick Douglass. § 70706. Property exempt from taxation Any property formerly occupied by the late Frederick Douglass as his homestead, commonly called Cedar Hill, in the village of Anacostia, District of Columbia, and owned by the corporation, is exempt from taxation as long as the property is used for the purposes of the corporation. § 70707. Misnomer not to affect transfer of property A misnomer of the corporation does not affect any transfer of property to or from the corporation. § 70708. Nonapplication of audit requirements The audit requirements of section 10101 of this title do not apply to the corporation. CHAPTER 709—FUTURE FARMERS OF AMERICA Sec. 70901. Organization. 70902. Purposes. 70903. Membership. 70904. Governing body. 70905. National officers. 70906. Powers. 70907. Exclusive right to name, seals, emblems, and badges. 70908. Restrictions. 70909. Availability of personnel, services, and facilities of Department of Education. 70910. Headquarters and principal office. 70911. Records and inspection. 70912. Service of process. 70913. Liability for acts of officers and agents. 70914. Distribution of assets on dissolution or final liquidation.
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