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36 U.S.C. § 120106 — Restrictions

submitted 18 years ago by Pub. L. 110-254 to r/title-36-PATRIOTIC-AND-NATIONAL-OBSERVANCES-CEREMONIES-AND-ORGANIZATIONS · 122 words · no verdicts yet

in plain englishAI-generated · not legal advice

This law puts limits on the corporation. It cannot issue stock, pay dividends, do politics, make loans to insiders, or claim government backing. It must also stay incorporated under New York law.

(a) Stock and Dividends. The corporation may not issue stock. It may not declare or pay a dividend. (b) Political Activities. The corporation cannot contribute to, support, or take part in political activity. A director or officer cannot do these things in that role either. Neither the corporation nor a director or officer acting as such may try to influence legislation in any way. (c) Loan. The corporation may not make a loan to any of its directors, officers, or employees. (d) Claim of Governmental Approval or Authority. The corporation may not claim that Congress approved its activities, or that it has the authority of the United States government, for anything it does. (e) Corporate Status. The corporation must keep its status as a corporation incorporated under the laws of the State of New York.
the actual law source: uscode.house.gov ↗public domain
(a)Stock and Dividends.—

The corporation may not issue stock or declare or pay a dividend.

(b)Political Activities.—

The corporation, or a director or officer of the corporation as such, may not contribute to, support, or participate in any political activity or in any manner attempt to influence legislation.

(c)Loan.—

The corporation may not make a loan to a director, officer, or employee of the corporation.

(d)Claim of Governmental Approval or Authority.—

The corporation may not claim congressional approval, or the authority of the United States, for any activity of the corporation.

(e)Corporate Status.—

The corporation shall maintain its status as a corporation incorporated under the laws of the State of New York.

Source credit: (Added Pub. L. 110–254, § 1(a)(2), June 30, 2008, 122 Stat. 2420.)

history & why it existsrecord from the source credit
  • 2008Enacted · Pub. L. 110-254 · 122 Stat. 2420

A history note hasn’t been published yet. The record shows enactment by Pub. L. 110-254 on 2008-06-30.

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