36 U.S.C. § 150108 — Restrictions

submitted 28 years ago by Pub. L. 105-225 to r/title-36-PATRIOTIC-AND-NATIONAL-OBSERVANCES-CEREMONIES-AND-ORGANIZATIONS · 160 words · no verdicts yet

in plain englishAI-generated · not legal advice

This law restricts the National Academy of Public Administration's finances and politics. It cannot issue stock, pay dividends, or engage in political activity or lobbying. It generally cannot give money to insiders or loan to them, and cannot claim government approval unless an agreement allows it.

(a) Stock and Dividends. The corporation may not issue stock. It may not declare or pay a dividend. (b) Political Activities. The corporation may not give money to, support, or take part in any political activity. It may not try, in any way, to influence legislation. A director or officer acting in that role may not do this either. (c) 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 or a member, if the board of directors approves the amount. (d) Loans. The corporation may not lend money to a director, officer, or employee. (e) Claim of Governmental Approval or Authorization. Unless it has an agreement allowing this, 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)Political Activities.—

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

(c)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 member in an amount approved by the board of directors.

(d)Loans.—

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

(e)Claim of Governmental Approval or Authorization.—

Except by agreement, 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. 1387.)

history & why it existsrecord from the source credit

1998Enacted · Pub. L. 105-225 · 112 Stat. 1387

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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