36 U.S.C. § 150508 — Restrictions
submitted 28 years ago by Pub. L. 105-225 to r/title-36-PATRIOTIC-AND-NATIONAL-OBSERVANCES-CEREMONIES-AND-ORGANIZATIONS · 173 words · no verdicts yet
The corporation cannot issue stock, pay dividends, or fund political candidates or parties. It also cannot spread propaganda. Its money and property cannot benefit officers or members, except when the corporation dissolves, and it cannot loan money to board officers or members.
The corporation may not issue stock or declare or pay a dividend.
The corporation or an officer or member as such may not contribute to, support, or assist a political party or candidate for elective public office. The corporation may not carry on propaganda.
The income or assets of the corporation may not inure to the benefit of, or be distributed to, an officer or member except on dissolution or final liquidation of the corporation.
The corporation may not make a loan or advance to an officer or member of the board of representatives. Officers and members of the board who vote for or assent to making a loan or advance to an officer or member of the board, and officers or members of the board 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. 1390.)
- 1998Enacted · Pub. L. 105-225 · 112 Stat. 1390
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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