112 STAT. 1398 PUBLIC LAW 105-225—AUG. 12, 1998 (2) to promote the cause of education in the United States. §151103. Membership Eligibility for membership in the corporation and the rights, obligations, and designation of classes of members are as provided in the bylaws. §151104. Governing body (a) OFFICERS,—The officers of the corporation are a president, one or more vice presidents, a secretary, a treasurer, and the members of a board of directors, an executive committee, and any other boards, councils, and committees, and other officers, as provided in the bylaws, (b) ADDITIONAL PROVISIONS.— Except as provided in this chapter, the manner of selection, term of office, powers, and duties of the officers, boards, councils, and committees are as provided in the bylaws. The bylaws may provide other and different provisions as to the names and numbers of the officers, boards, councils, and committees, §151105. Powers The corporation may— (1) adopt and amend bylaws; (2) adopt and alter a corporate seal; (3) acquire, own, lease, encumber, and transfer property to carry out the purposes of the corporation; (4) accept and administer a trust for educational purposes; (5) borrow money, issue instruments of indebtedness, and secure its obligations by granting security interests in its property; and (6) sue and be sued in any court of the United States, or other court of competent jurisdiction, §151106. Tax exemption (a) REAL PROPERTY.— Real property of the corporation is exempt from taxation if it is— (1) located in the District of Columbia; (2) used for the purposes provided in section 151102 of this title; and (3) not used to produce income. (b) PERSONAL PROPERTY,— Personal property of the corporation is exempt from taxation if it is used for the purposes provided in section 151102 of this title or to produce income to be used for those purposes. (c) ANNUAL REPORT.— The corporation shall submit annually to the Secretary of Education a written report stating in detail for the prior year— (1) the real and personal property held by the corporation; (2) the income from the property; and (3) the expenditure or other use or disposition of the property and income from the property, §151107. Principal office The principal office of the corporation shall be in the District of Columbia. However, the activities of the corporation may be conducted, and offices may be maintained, throughout the United States in accordance with the bylaws.
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