36 U.S.C. § 130306 — Restrictions
submitted 28 years ago by Pub. L. 105-225 to r/title-36-PATRIOTIC-AND-NATIONAL-OBSERVANCES-CEREMONIES-AND-ORGANIZATIONS · 165 words · no verdicts yet
The corporation may not issue stock, pay dividends, engage in political activity, distribute income or assets to insiders except as stated, or make certain loans. People who approve or participate in a prohibited loan are jointly and severally liable until repayment.
(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 acting in that role, may not contribute to, support, or assist a political party or candidate for public office. (c) Income and assets.—The corporation’s income or assets may not benefit or be distributed to a director, officer, or member, except on dissolution or final liquidation. This does not prevent paying an officer compensation approved by the executive committee. (d) Loans.—The corporation may not loan money to a director, officer, or employee. Directors who vote for or agree to such a loan, and officers who take part in making it, are jointly and individually liable to the corporation for the loan’s amount until repayment.
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 assist 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, a director, officer, or member except on dissolution or final liquidation of the corporation. This subsection does not prevent the payment of compensation to an officer in an amount approved by the executive committee of the corporation.
The corporation may not make a loan to a director, officer, or employee. Directors who vote for or assent to making a loan to a director, officer, or employee, and officers who participate in making the loan, are jointly and severally liable to the corporation for the amount of the loan until it is repaid.
Source credit: (Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1375.)
- 1998Enacted · Pub. L. 105-225 · 112 Stat. 1375
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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