36 U.S.C. § 100107 — Restrictions
submitted 28 years ago by Pub. L. 105-225 to r/title-36-PATRIOTIC-AND-NATIONAL-OBSERVANCES-CEREMONIES-AND-ORGANIZATIONS · 160 words · no verdicts yet
This law limits what the corporation can do with money and politics. It cannot issue stock, pay dividends, make loans to its leaders, or claim the government approves its activities. It also cannot take part in political activities or let its income benefit directors, officers, or members personally.
(a) Stock and Dividends. The corporation cannot issue stock. It also cannot declare or pay a dividend to anyone.
(b) Political Activities. Neither the corporation nor a director or officer acting in that role may give money to, support, or take part in any political activity. They also cannot try to influence legislation in any way.
(c) Distribution of Income or Assets. While the corporation's charter is in effect, its income or assets cannot go to, or be given to, a director, officer, or member. There is one exception: the board of directors can approve reasonable pay for an officer's work, or reimbursement for real, necessary expenses.
(d) Loans. The corporation cannot loan money to a director, officer, or employee.
(e) Claim of Governmental Approval or Authority. The corporation cannot say that Congress approved its activities. It also cannot claim it has the authority of the United States Government behind any of its activities.
The corporation may not issue stock or declare or pay a dividend.
The corporation or a director or officer as such may not contribute to, support, or participate in any political activity or in any manner attempt to influence legislation.
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 of reasonable compensation to an officer or reimbursement for actual necessary expenses in amounts approved by the board of directors.
The corporation may not make a loan to a director, officer, or employee.
The corporation may not claim congressional approval or the authority of the United States Government for any of its activities.
Source credit: (Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1365.)
- 1998Enacted · Pub. L. 105-225 · 112 Stat. 1365
A history note hasn’t been published yet. The record shows enactment by Pub. L. 105-225 on 1998-08-12.
all 0 arguments · sorted by: best
no arguments yet — make the first case