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20 U.S.C. § 4419 — Nonprofit and nonpolitical nature of Institute

submitted 40 years ago by Pub. L. 99-498 to r/title-20-EDUCATION · 77 words · no verdicts yet

in plain englishAI-generated · not legal advice

This section addresses Nonprofit and nonpolitical nature of Institute. It states the definitions, duties, powers, limits, procedures, or other rules set out in the section.

(a) Stock The Institute must have no power to issue any shares of stock or to declare or pay any dividends. (b) Nonprofit nature No part of the income or assets of the Institute must benefit any director, officer, employee, or any other individual except as salary or reasonable compensation for services. (c) Nonpolitical nature The Institute may not contribute to, or otherwise support, any political party or candidate for elective public office.
the actual law source: uscode.house.gov ↗public domain
(a) Stock

The Institute shall have no power to issue any shares of stock or to declare or pay any dividends.

(b) Nonprofit nature

No part of the income or assets of the Institute shall inure to the benefit of any director, officer, employee, or any other individual except as salary or reasonable compensation for services.

(c) Nonpolitical nature

The Institute may not contribute to, or otherwise support, any political party or candidate for elective public office.

Source credit: (Pub. L. 99–498, title XV, § 1512, Oct. 17, 1986, 100 Stat. 1607.)

history & why it existsrecord from the source credit
  • 1986Enacted · Pub. L. 99-498 · 100 Stat. 1607

A history note hasn’t been published yet. The record shows enactment by Pub. L. 99-498 on 1986-10-17.

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