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ABS Handbook
 
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Section 1.

Notwithstanding any provisions of the Constitution or Bylaws which might be susceptible to a contrary construction:

a. The Society shall be organized and operated exclusively for scientific and educational purposes;

b. No part of the net earnings of the Society shall or may under any circumstances inure to the benefit of any private shareholder or individual, except for services rendered, designated awards, or research grants administered by the Society;

c. Not more than 20% of the activities or proceeds of the Society shall consist of carrying on propaganda, or otherwise attempting to influence legislation;

d. The Society shall not participate in, or intervene in (including the publishing or distribution of statements), any political campaign on behalf of any candidate for public office;

e. The Society shall not be organized or operated for profit;

f. The Society shall not:

(1) lend any part of its income or corpus, without the receipt of adequate security and reasonable rate of interest to;

(2) pay any compensation, in excess of a reasonable allowance for salaries or other compensation for personal services actually rendered to;

(3) make any part of its services available on a preferential basis to;

(4) make any purchase of securities or any other property for more than adequate consideration in money or money's worth from;

(5) sell any securities or other property for less than adequate consideration in money or money's worth to; or

(6) engage in any other transactions which result in a substantial diversion of its income or corpus to any officer, member of the Executive Committee, or substantial contributor to the Society.

The prohibitions contained in Subsection f do not mean to imply that the Society may make such loans, payments, sales, or purchases to anyone else, unless such authority be given or implied by other provisions of the Constitution or Bylaws.


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