ALLcrimesfood&drugstaxestelecomcommercehealthconservationtransportationagricultureveteransbrowse all titles »
0

36 U.S.C. § 150906 — Restrictions

submitted 28 years ago by Pub. L. 105-225 to r/title-36-PATRIOTIC-AND-NATIONAL-OBSERVANCES-CEREMONIES-AND-ORGANIZATIONS · 168 words · no verdicts yet

in plain englishAI-generated · not legal advice

The corporation cannot issue stock, pay dividends, or fund political candidates or parties. Its money cannot benefit its directors, officers, or members, even when it dissolves, though it can pay officers a reasonable salary. It also cannot loan money to directors, officers, or employees.

(a) Stock and Dividends. The corporation may not issue stock or declare or pay a dividend. (b) Political Activities. Neither the corporation, nor a director, officer, or agent acting in that role, may contribute to, support, or help a political party or a candidate for office. (c) Distribution of Income or Assets. The corporation's income or assets cannot benefit or be given to a director, officer, or member, whether the corporation is still operating or has dissolved or finally liquidated. This does not stop the corporation from paying an officer reasonable compensation, if the board of directors approves the amount. (d) Loans. The corporation may not make a loan to a director, officer, or employee. If directors vote for or agree to such a loan, or officers help make it, they are all personally and jointly responsible to the corporation for repaying it, until it is paid back.
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, officer, or agent as such may not contribute to, support, or assist a political party or candidate for office.

(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 corporation or on its dissolution or final liquidation. This subsection does not prevent the payment of reasonable compensation to an officer in an amount approved by the board of directors.

(d)Loans.—

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. 1396.)

history & why it existsrecord from the source credit
  • 1998Enacted · Pub. L. 105-225 · 112 Stat. 1396

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

0/280

no arguments yet — make the first case