36 U.S.C. § 151507 — 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
The corporation may not issue stock, pay dividends, engage in political activity, distribute its income or assets to insiders, or make loans to certain people. It also may not claim congressional or federal-government approval for its activities.
(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 acting in that role, may not contribute to, support, or participate in political activity or try in any way to influence legislation. (c) Distribution of Income or Assets.—During the life of the charter granted by this chapter, the corporation’s income or assets may not benefit or be distributed to a director, officer, or member. This does not prevent paying an officer reasonable compensation or reimbursing actual necessary expenses in amounts approved by the board. (d) Loans.—The corporation may not make a loan to a director, officer, or employee. (e) Claim of Governmental Approval or Authorization.—The corporation may not claim that Congress approved its activities or that the United States Government authorized them.
The corporation may not issue stock or declare or pay a dividend.
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.
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 reimbursement for actual necessary expenses in amounts approved by the board of directors.
The corporation may not make a loan to a director, officer, or employee.
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. 1403.)
- 1998Enacted · Pub. L. 105-225 · 112 Stat. 1403
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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