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
NONPOLICTICAL 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.
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