Page:United States Statutes at Large Volume 77.djvu/43

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PUBLIC LAW 88-000—MMMM. DD, 1963



PUBLIC LAW 88-11-APR. 23, 1963

(b) The corporation shall have in the District of Colnmbia at all times a designated agent authorized to accept service of process for the corporation; and notice to or service upon such agent, or mailed to the business address of such agent, shall be deemed notice to or service upon the corporation. l>ISrRIBUTI0N OF INCOMK OK ASSETS TO 3IEMBKRS; ].()AXS TO OFFICEKS, TOUSl^ES, OK EMPLOYEES

SEC. 9. (a) No part of the income or assets of the corporation shall inure to any of its members, trustees, or officers as such, or be distributable to any of them during the life of the corporation or upon its dissolution or final liquidation. Nothing in this subsection, however, shall be construed to prevent the payment of reasonable compensation to officers of the corporation or reimbursement for actual necessary expenses in amounts approved by the board of trustees of the corporation. (b) The corporation shall not make loans to its officers, trustees, or employees. Any trustee who votes for or assents to the making of a loan or advance to a member, officer, trustee, or employee of the corporation, and any officer who participates in the making of such a loan or advance, shall be jointly and severally liable to the corporation for the amount of such loan until the repayment thereof. NONPOLITICAL XATI'RE OF C()RP()RATI0X

SEC. 10, The corporation and its officers and directors as such shall not contribute to or participate in, directly or indirectly, local or national political activity or in any manner attempt to influence legislation. LIABILITY FOK ACTS OF OFFICERS A N D AGENTS

SEC. 11. The corporation shall be liable for the acts of its officers and agents when acting within the scope of their authority. I'ROHIBITIOX AGAINST ISSUANCE OF STOCK OR P A Y M E N T OF DIVIDENDS

SEC. 12. The corporation shall have no power to issue any shares of sto<'k or to declare or pay any dividends. BOOKS A N D R E C O R D S; INSPECTION

SEC. 18. The corporation shall keep correct and complete books and records of account and shall keep minutes of the proceedings of its members, board of trustees, and committees having authority under the board of trustees, and it shall also keej) at its principal office a record of the names and addresses of its members entitled to vote. All books and records of the corporation may be inspected by any member entitled to vote, or his agent or attorney, for any proper purpose, at nny reasonable time. A l ' D l T OF F I N A N C I A L


SEC. 14. (a) The accounts of the corporation shall be audited annually in accordance with generally accepted auditing standards by independent certified public accountants or independent licensed public accountants, certified or licensed by a regulatory authority of a State or other political subdivision of the United States. The audit shall be conducted at the place or places where the accounts of the corporation are normally kept. All books, accounts, financial records, reports,