112 STAT. 1388 PUBLIC LAW 105-225—AUG. 12, 1998 (b) TAX-EXEMPT STATUS.— The corporation shall maintain its status as an organization exempt from taxation under the Internal Revenue Code of 1986 (26 U.S.C. 1 et seq.). § 150110. Records and inspection (a) RECORDS.— The corporation shall keep— (1) correct and complete records of account; (2) minutes of the proceedings of its members, board of directors, and committees having any of the authority of its board of directors; and (3) at its principal office, a record of the names and addresses of its members entitled to vote. (b) INSPECTION. —^A member entitled to vote, or an agent or attorney of the member, may inspect the records of the corporation for any proper purpose, at any reasonable time. § 150111. Service of process The corporation shall comply with the law on service of process of each State in which it is incorporated and each State in which it carries on activities. §150112. Liability for acts of officers and agents The corporation is liable for the acts of its of^cers and agents acting within the scope of their authority. §150113. Annual report The corporation shall submit an annual report to Congress on the activities of the corporation during the prior fiscal year. The report shall be submitted at the same time as the report of the audit required by section 10101 of this title. The report may not be printed as a public document. CHAPTER 1503—NATIONAL ACADEMY OF SCIENCES Sec. 150301. Federal charter. 150302. Powers. 150303. Services to United States Government. 150304. Annual meeting. §150301. Federal charter National Academy of Sciences (in this chapter, the "corporation") is a federally chartered corporation. §150302. Powers (a) GENERAL. — The corporation may— (1) make its own organization, including adopting a constitution, bylaws, and regulations; (2) provide for the election of domestic and foreign members, their division into classes, and other matters needful or usual in such an institution; (3) fill vacancies; and (4) report its actions under this subsection to Congress. (b) PROPERTY.—(1) The corporation may— (A) receive property by devise, bequest, donation, or otherwise; (B) hold the property absolutely or in trust; (C) manage and invest the property as provided in the constitution of the corporation; and
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