36 U.S.C. § 152707 — Restrictions
submitted 28 years ago by Pub. L. 105-225 to r/title-36-PATRIOTIC-AND-NATIONAL-OBSERVANCES-CEREMONIES-AND-ORGANIZATIONS · 132 words · no verdicts yet
The patrol cannot issue stock or pay dividends, and it cannot get involved in politics or lobbying. Its income cannot go to insiders while the charter lasts, though reasonable officer pay and expense reimbursement are still allowed. It cannot lend money to its own directors, officers, or employees.
(a) Stock and Dividends — The corporation cannot issue stock or declare or pay a dividend.
(b) Political Activities — The corporation, and its directors or officers acting in that role, cannot contribute to, support, or take part in political activity, or try in any way to influence legislation.
(c) Distribution of Income or Assets — The corporation's income and assets cannot benefit or be given to a director, officer, or member, for as long as this chapter's charter lasts. This does not stop the corporation from paying an officer reasonable compensation, or reimbursing actual necessary expenses, in amounts the board of directors approves.
(d) Loans — The corporation cannot lend money to a director, officer, or employee.
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.
Source credit: (Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1419.)
- 1998Enacted · Pub. L. 105-225 · 112 Stat. 1419
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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