Collapse to view only § 140404. Governing body
- § 140401. Organization
- § 140402. Purposes
- § 140403. Membership
- § 140404. Governing body
- § 140405. Powers
- § 140406. Restrictions
- § 140407. Tax-exempt status required as condition of charter
- § 140408. Records and inspection
- § 140409. Service of process
- § 140410. Liability for acts of officers and agents
- § 140411. Annual report
- § 140412. Definition
Eligibility for membership in the corporation, and the rights and privileges of members of the corporation, are as provided in the bylaws of the corporation.
The corporation has only those powers provided in its bylaws and articles of incorporation filed in each State in which it is incorporated.
If the corporation fails to maintain its status as an organization exempt from taxation under the Internal Revenue Code of 1986, the charter granted under this chapter shall terminate.
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.
The corporation is liable for any act of any officer or agent of the corporation acting within the scope of the authority of the corporation.
The corporation shall submit to Congress an annual report on the activities of the corporation during the preceding fiscal year. The report shall be submitted at the same time as the report of the audit required by section 10101(b) of this title. The report may not be printed as a public document.
In this chapter, the term “State” includes the District of Columbia and the territories and possessions of the United States.