36 U.S.C. § 151906 — Restrictions
submitted 28 years ago by Pub. L. 105-225 to r/title-36-PATRIOTIC-AND-NATIONAL-OBSERVANCES-CEREMONIES-AND-ORGANIZATIONS · 175 words · no verdicts yet
The corporation may not issue stock, pay dividends, engage in certain political conduct, or distribute income or assets to insiders. It also may not make loans or advances to directors, officers, or employees, and specified people are liable for unauthorized loans until repayment.
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 assist a political party or candidate for public office.
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 compensation to an officer in an amount approved by the board of directors.
The corporation may not make a loan or advance to a director, officer, or employee. Directors who vote for or assent to making a loan or advance to a director, officer, or employee, and officers 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. 1409.)
- 1998Enacted · Pub. L. 105-225 · 112 Stat. 1409
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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