Page:United States Statutes at Large Volume 74.djvu/616

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[74 Stat. 576]
[74 Stat. 576]
PUBLIC LAW 86-000—MMMM. DD, 1960


PUBLIC LAW 86-680-AUG. 31, 1960

[74 S T A T.

(b) The corporation shall not make loans to its members, governors, officers, or employees. Any governor who votes for or assents to the making of a loan or advance to a member, officer, governor 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. N O N P O L I T I C A L N A T U R E OF CORPORATION

SEC. 10. The corporation and its members, governors, officers, and employees as such shall not contribute to or otherwise support or assist any political party or candidate for public office. L I A B I L I T Y FOR 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. P R O H I B I T I O N AGAINST I S S U A N C E OF STOCK OR P A Y M ENT OF DIVIDENDS

SEC. 12. The corporation shall have no power to issue any shares of stock or to declare or pay any dividends. BOOKS A N D RECORDS; INSPECTION

SEC. 13. The corporation shall keep correct and complete books and records of account and shall keep minutes of the proceedings of its members, board of governors, and committees having any of the authority of the board of governors; and it shall also keep 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 any reasonable time. A U D I T OF F I N A N C I A L


SEC. 14. (a) Annual audits shall be made by an independent licensed or certified public accountant or a firm of independent licensed or certified public accountants, in accordance with generally accepted auditing standards. 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 m 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. fsT°'* *° ^°"* (^) A report of such audit shall be made by the corporation to the gress Congress not later than March 1 of each year. The report shall set forth the scope of the audit and shall include a verification by the person or persons conducting the audit of statements of (1) assets and liabilities, (2) capital and surplus or deficit, (3) surplus or deficit analysis, (4) income and expense, and (5) sources and application of funds. Such report shall not be printed as a public document.