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36 U.S.C. § 140707 — 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

in plain englishAI-generated · not legal advice

This law restricts the corporation's finances and claims. It cannot issue stock or dividends, or give its money to directors, officers, or members, except reasonable officer pay or expense reimbursement approved by the board. It cannot loan money to insiders or claim government approval for its activities.

(a) Stock and Dividends. The corporation may not issue stock. It may not declare or pay a dividend. (b) Distribution of Income or Assets. The corporation's income or assets may not benefit or go to a director, officer, or member while the charter is active. But the corporation can still pay reasonable compensation to an officer. It can also reimburse actual, necessary expenses. The board of directors must approve these amounts. (c) Loans. The corporation may not lend money to a director, officer, or employee. (d) Claim of Governmental Approval or Authorization. The corporation may not say Congress approved its activities. It may not claim it has the authority of the United States Government for any of its activities.
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)Distribution of Income or Assets.—

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.

(c)Loans.—

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

(d)Claim of Governmental Approval or Authorization.—

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. 1385.)

history & why it existsrecord from the source credit
  • 1998Enacted · Pub. L. 105-225 · 112 Stat. 1385

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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