36 U.S.C. § 150708 — Restrictions
submitted 28 years ago by Pub. L. 105-225 to r/title-36-PATRIOTIC-AND-NATIONAL-OBSERVANCES-CEREMONIES-AND-ORGANIZATIONS · 190 words · no verdicts yet
A translation hasn’t been published for this section yet. The official text below is complete and authoritative.
The corporation may not issue stock or declare or pay a dividend.
The corporation or a director, officer, or member as such may not contribute to, support, or assist a political party or candidate for elective public office, or advocate, sponsor, or promote legislation in the Congress of the United States or in the legislature of a State.
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 executive committee from adopting terms of employment of the executive director as provided in section 150705(e) of this title.
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. 1393.)
- 1998Enacted · Pub. L. 105-225 · 112 Stat. 1393
A history note hasn’t been published yet. The record shows enactment by Pub. L. 105-225 on 1998-08-12.
all 0 arguments · sorted by: best
no arguments yet — make the first case