36 U.S.C. § 150409 — Restrictions
submitted 3 years ago by Pub. L. 118-31 to r/title-36-PATRIOTIC-AND-NATIONAL-OBSERVANCES-CEREMONIES-AND-ORGANIZATIONS · 162 words · no verdicts yet
The corporation cannot issue stock or pay dividends to anyone. It cannot let its income or assets benefit its own members, officers, or directors, though it can pay them reasonable salaries or expenses. It also cannot loan money to insiders or claim the government endorses its activities.
The corporation may not—
issue any shares of stock; or
declare or pay any dividends.
The income or assets of the corporation may not—
inure to any person who is a member, officer, or director of the corporation; or
be distributed to any such person during the life of the charter granted by this chapter.
Nothing in this subsection prevents the payment of reasonable compensation to the officers of the corporation, or reimbursement for actual and necessary expenses, in amounts approved by the board of directors.
The corporation may not make any loan to any officer, director, member, or employee of the corporation.
The corporation may not claim congressional approval or Federal Government authority by virtue of the charter granted by this chapter for any of the activities of the corporation.
Source credit: (Added Pub. L. 118–31, div. E, title LI, § 5103(a), Dec. 22, 2023, 137 Stat. 937.)
- 2023Enacted · Pub. L. 118-31 · 137 Stat. 937
A history note hasn’t been published yet. The record shows enactment by Pub. L. 118-31 on 2023-12-22.
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