36 U.S.C. § 152507 — Restrictions
submitted 28 years ago by Pub. L. 105-225 to r/title-36-PATRIOTIC-AND-NATIONAL-OBSERVANCES-CEREMONIES-AND-ORGANIZATIONS · 164 words · no verdicts yet
The corporation cannot issue stock, declare or pay dividends, support political parties or candidates, or make loans to its directors, officers, or employees. Its income and assets generally cannot benefit a director, officer, or member, but it may pay an officer compensation in an amount approved by the board of directors.
The corporation may not issue stock or declare or pay a dividend.
The corporation or a director, officer, or agent 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 except on dissolution or final liquidation of the corporation. 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 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. 1417.)
- 1998Enacted · Pub. L. 105-225 · 112 Stat. 1417
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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