BVA Charter Page 3


DISTRIBUTION OF INCOME OR ASSETS TO MEMBERS; LOANS

 

SEC. 9 (a) No part of the income or assets of the corporation shall inure to any member, officer, or director as such, or be distributed to any of them during the life of the corporation or upon its dissolution or final liquidation, nor shall any ember or private individual be liable for the obligations of the corporation. Nothing in this section, however, shall be construed to prevent –

(1) the payment of bona fide expenses of officers of the corporation in amounts approved by the board of directors; or
(2) the payment of appropriate aid to blinded veterans, their widows or their children pursuant to the objects of the corporation.
(b) The corporation shall not make loans to its officers, directors, or employees. Any officer or director who votes for or assents to the making of a loan to an officer, director, or employee of the corporation and any officer who participates in the making of such loan shall be jointly and severally liable to the corporation for the amount of such loan until the payment thereof

NON-POLICTICAL NATURE OF CORPORATION

 

SEC. 10. The corporation, and its officers and directors as such, shall not contribute to or otherwise support or assist any political party or candidate for elective public office.

LIABILITY FOR ACTS OF OFFICERS AND AGENTS

 

SEC. 11. The corporation shall be liable for the acts of its officers and agents when acting within the scope of their authority.

PROHIBITION AGAINST ISSUANCE OF STOCK OR ISSUANCE OF DIVIDENDS

 

SEC. 12. The corporation shall have no power to issue any shares of stock or declare or pay dividends.

BOOKS AND RECORDS; INSPECTION

 

SEC. 13. The corporation shall keep correct and complete books and records of account. It shall also keep minutes of the proceedings of its membership and of the board of directors or committees having authority under the board of directors. It shall also keep at its principal office a record giving the names and addresses of its members, directors, and officers. All books and records of the corporation may be inspected by any member, or his agent or attorney for any proper purpose at any reasonable time.

AUDIT OF FINANCIAL TRANSACTIONS; REPORT TO CONGRESS

 

SEC. 14.(a) The financial transactions of the corporation shall be audited annually by an independent certified accountant in accordance with the principles and procedures applicable to commercial corporate transactions. 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, files, and all other papers, things, or property belonging to or in use by the corporation and necessary to facilitate the audit shall be made available to the person or persons conducting the audit and full facilities for verifying transactions with the balances or securities held by depositories, fiscal agents and custodians shall be afforded to such person or persons.

USE OF ASSETS UPON DISSOLUTION OR LIQUIDATION

 

SEC. 15. Upon final dissolution or liquidation of the corporation and after discharge or satisfaction of all outstanding obligations and liabilities, the remaining assets of the corporation shall be transferred to the Veterans Administration to be applied to the care and comfort of blinded veterans.

TRANSFER OF ASSETS FROM PRIOR CORPORATION

 

SEC. 16. The corporation may acquire the assets of the Blinded Veterans Association, Incorporated, a body corporate organized under the laws of the state of New York, upon discharge or satisfactorily providing for the payment and discharge of all of the liabilities of such State corporation and upon complying with all the laws of the State of New York applicable thereto.

EXCLUSIVE RIGHT TO NAME; CORPORATE SEALS, EMBLEMS AND BADGES

 

SEC. 17. The corporation and its duly authorized regional groups and other local subdivisions shall have the sole and exclusive right to have and use in carrying out its purposes the name Blinded veterans Association and such seals, emblems, and badges as the corporation may lawfully adopt.

RESERVATION OF RIGHT TO AMEND OR REPEAL CHARTER

 

SEC. 18. The right to alter, amend, or repeal this Act is expressly reserved.

Approved August 27, 1958

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