Collapse to view only § 20110. Liability for acts of officers and agents
- § 20101. Organization
- § 20102. Purposes
- § 20103. Membership
- § 20104. Governing body
- § 20105. Powers
- § 20106. Restrictions
- § 20107. Principal office
- § 20108. Records and inspection
- § 20109. Service of process
- § 20110. Liability for acts of officers and agents
- § 20111. Use of assets on dissolution or final liquidation
§ 20101. Organization
(a)Federal Charter.—Agricultural Hall of Fame (in this chapter, the “corporation”) is a federally chartered corporation.
(b)Perpetual Existence.—Except as otherwise provided, the corporation has perpetual existence.
(Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1284.)
§ 20102. Purposes
The purposes of the corporation are—
(1) to receive and maintain one or more funds and to use any part of the principal or interest only for charitable, scientific, literary, or educational purposes either directly or by contributing to organizations authorized to carry on similar activities;
(2) to honor farmers, farm women, farm leaders, teachers, scientists, inventors, governmental leaders, and other individuals who have helped make this Nation great by their outstanding contributions to the establishment, development, advancement, or improvement of agriculture in the United States;
(3) to perpetuate the memory of those individuals and record their contributions and achievements by the erection and maintenance of buildings and monuments as may be appropriate as a lasting memorial;
(4) to promote a greater sense of appreciation of the dignity and importance of agriculture, historically carried out through owner-operated farms, and the part it has played in developing those social, economic, and spiritual values which are essential in maintaining the free and democratic institutions of our Republic;
(5) to establish and maintain a library and museum for the collection and preservation for posterity of agricultural tools, implements, machines, vehicles, pictures, paintings, books, papers, documents, data, relics, mementos, artifacts, and other items relating to agriculture;
(6) to cooperate with other organizations interested in similar projects; and
(7) to engage in other activities appropriate to carry out its purposes.
(Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1284.)
§ 20103. Membership
(a)Eligibility.—Except as provided in this chapter, eligibility for membership in the corporation and the rights, privileges, and designation of classes of members are as provided in the bylaws.
(b)Voting.—Each member given voting rights by the bylaws has one vote on each matter submitted to a vote at a meeting of the voting members. The vote may be cast in the manner provided in the bylaws.
(Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1284.)
§ 20104. Governing body
(a)Board of Governors.—
(1) The board of governors is the governing body of the corporation. Between meetings of the members of the corporation, the board is responsible for the general policies and program of the corporation and for the control of all funds of the corporation.
(2) The number of governors, their manner of selection (including the filling of vacancies), and their term of office are as provided in the bylaws. However, the board shall have at least 15 members.
(3) The board may appoint committees. Each committee has the powers provided in the bylaws or by resolution of the board. The powers of a committee may include all the powers of the board.
(b)Officers.—
(1) The officers of the corporation are a president, one or more one vice presidents as provided in the bylaws, a secretary, a treasurer, one or more assistant secretaries and assistant treasurers, and other officers as provided in the bylaws.
(2) The manner of election, term of office, and duties of the officers are as provided in the bylaws.
(Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1284.)
§ 20105. Powers
The corporation may—
(1) adopt and amend bylaws for the management of its property and the regulation of its affairs;
(2) adopt and alter a corporate seal;
(3) choose officers, managers, agents, and employees as the activities of the corporation require;
(4) make contracts;
(5) acquire, own, lease, encumber, and transfer property as necessary or convenient to carry out the purposes of the corporation;
(6) borrow money, issue instruments of indebtedness, and secure its obligations by granting security interests in its property; and
(7) sue and be sued.
(Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1285.)
§ 20106. Restrictions
(a)Stock and Dividends.—The corporation may not issue stock or declare or pay a dividend.
(b)Political Activities.—The corporation or a governor, officer, employee, or member as such may not contribute to, support, or assist a political party or candidate for public office.
(c)Distribution of Income or Assets.—The income or assets of the corporation may not inure to the benefit of, or be distributed to, a governor, officer, or member as such during the life of the corporation or on its dissolution or final liquidation. This subsection does not prevent the payment of compensation to an officer or employee in an amount approved by the board of governors.
(d)Loans.—The corporation may not make a loan or advance to a governor, officer, employee, or member. Governors who vote for or assent to making a loan or advance to a governor, officer, employee, or member, and officers who participate in making the loan or advance, are jointly and severally liable to the corporation for the amount of the loan or advance until it is repaid.
(e)Contributions to Certain Organizations.—None of the principal or interest of a fund referred to in section 20102(1) of this title may be contributed to an organization if—
(1) a substantial part of its activities is carrying on propaganda or attempting to influence legislation; or
(2) any part of its net earnings benefits a private shareholder or individual.
(Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1285.)
§ 20107. Principal office
The principal office of the corporation shall be in Kansas City, Kansas, or another place decided by the board of governors. However, the activities of the corporation are not confined to the place where the principal office is located but may be conducted throughout the States, territories, and possessions of the United States.
(Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1285.)
§ 20108. 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 governors, and committees having any of the authority of its board of governors; 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.
(Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1286.)
§ 20109. Service of process
The corporation shall have a designated agent in the District of Columbia to receive service of process for the corporation. Notice to or service on the agent is notice to or service on the corporation.
(Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1286.)
§ 20110. 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.
(Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1286.)
§ 20111. Use of assets on dissolution or final liquidation
On dissolution or final liquidation of the corporation, any assets of the corporation remaining after the discharge of all liabilities shall be distributed as provided by the board of governors, but in compliance with the charter and bylaws.
(Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1286.)