36 U.S.C. § 110107 — Restrictions
submitted 28 years ago by Pub. L. 105-225 to r/title-36-PATRIOTIC-AND-NATIONAL-OBSERVANCES-CEREMONIES-AND-ORGANIZATIONS · 128 words · no verdicts yet
A translation hasn’t been published for this section yet. The official text below is complete and authoritative.
The corporation may not issue stock or declare or pay a dividend.
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. 1368.)
- 1998Enacted · Pub. L. 105-225 · 112 Stat. 1368
A history note hasn’t been published yet. The record shows enactment by Pub. L. 105-225 on 1998-08-12.
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