36 U.S.C. § 130107 — Restrictions
submitted 28 years ago by Pub. L. 105-225 to r/title-36-PATRIOTIC-AND-NATIONAL-OBSERVANCES-CEREMONIES-AND-ORGANIZATIONS · 182 words · no verdicts yet
The corporation may not issue stock, pay dividends, make political contributions, or distribute income or assets to officers or members. It may pay approved officer compensation and reimburse approved necessary expenses. Certain council members and officers are jointly and severally liable for unauthorized loans or advances until repaid.
(a) Stock and dividends.—The corporation may not issue stock or declare or pay a dividend. (b) Political activities.—The corporation, or an officer or agent acting in that role, may not contribute to a political party or candidate for public office. (c) Income and assets.—During the corporation’s life, dissolution, or final liquidation, its income or assets may not benefit or be distributed to an officer or member. The corporation may pay an officer compensation or reimburse actual necessary expenses in amounts approved by its council of administration. (d) Loans.—The corporation may not make a loan or advance to an officer or employee. Council members who vote for or agree to such a loan or advance, and officers who take part in making it, are jointly and individually liable to the corporation for the amount until it is repaid.
The corporation may not issue stock or declare or pay a dividend.
The corporation or an officer or agent as such may not contribute to a political party or candidate for public office.
The income or assets of the corporation may not inure to the benefit of, or be distributed to, an officer or member during the life of the corporation or on its dissolution or final liquidation. This subsection does not prevent the payment of compensation to an officer or reimbursement for actual necessary expenses in amounts approved by the council of administration of the corporation.
The corporation may not make a loan or advance to an officer or employee. Members of the council of administration who vote for or assent to making a loan or advance to an officer or employee, and officers who participate in making the loan or advance, are jointly and severally liable to the corporation for the amount of the loan or advance until it is repaid.
Source credit: (Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1372.)
- 1998Enacted · Pub. L. 105-225 · 112 Stat. 1372
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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