PUBLIC LAW 105-354—NOV. 3, 1998
112 STAT. 3241
"§20207. Restrictions
"(a) STOCK AND DIVIDENDS.— The corporation may not issue
stock or declare or pay a dividend.
"(b) DISTRIBUTION OF INCOME OR ASSETS.— The income or assets
of the corporation may not inure to the benefit of, or be distributed
to, a director, officer, or member during the Hfe of the charter
granted by this chapter. This subsection does not prevent the pay-
ment of reasonable compensation to an officer or employee or
reimbursement for actual necessary expenses in amounts approved
by the board of directors.
"(c) LOANS. —The corporation may not make a loan to a director,
officer, employee, or member.
"(d) CLAIM OF GOVERNMENTAL APPROVAL OR AUTHORITY.— The
corporation may not claim congressional approval or the authority
of the United States Government for any of its activities.
"§20208. Duty to maintain corporate and tax-exempt status
"(a) CORPORATE STATUS.—The corporation shall maintain its
status as a corporation incorporated under the laws of the District
of Columbia.
"(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.).
"§ 20209. 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.
"§ 20210. 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.
"§ 20211. Liability for acts of officers and agents
"The corporation is liable for the acts of its officers and agents
acting within the scope of their authority.
"§ 20212. 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.".
(B) In the table of chapters at the beginning of subtitle
II, insert after the item related to chapter 201:
" 202. AIR FORCE SERGEANTS ASSOCIATION
20201".
(5)(A) Insert after chapter 209 the following:
�
