; and (2) by redesignating subsection (c) as subsection (b). 4. Governing body Section 70504 of title 36, United States Code, is amended to read as follows: 70504. Governing body (a) Board of directors The board of directors is the governing body of the corporation. The board may exercise, or provide for the exercise of, the powers of the corporation. The board of directors and the responsibilities of the board are as provided in the bylaws. (b) Officers The officers and the election of the officers are as provided for in the bylaws. . 5. Restrictions Section 70507 of title 36, United States Code, is amended to read as follows: 70507. Restrictions (a) Stock and dividends The corporation may not issue stock or declare or pay a dividend. (b) Political activities (1) In general The activities, funds, income, and property of the corporation may not be used to carry on political activity or attempt to influence legislation. (2) No contribution, support, or participation The corporation or a director or officer in the corporate capacity of the director of officer may not contribute to, support, or participate in any political activity or in any manner attempt to influence legislation. (c) Distribution of income or assets (1) In general 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 life of the charter granted by this chapter. This subsection does not prevent the payment, in amounts approved by the board of directors, of— (A) reasonable compensation; or (B) reimbursement for expenses incurred in undertaking the corporation’s business, to officers, directors, or members. (2) Rule of construction This subsection shall not be construed to— (A) prevent the award of a grant to a Federal Bar Association chapter of which an officer, director, or member may be a member