Loans The organization may not loan money to any of its directors or officers. (d) Corporate Status The organization shall maintain its status as a corporation incorporated under the laws of the State of Florida. 150407. Tax-exempt status required as a condition of charter 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. 150408. Records The organization shall keep— (1) correct and complete records of account