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36 U.S.C. § 153507Restrictions

submitted 28 years ago by Pub. L. 105-225 to r/title-36-PATRIOTIC-AND-NATIONAL-OBSERVANCES-CEREMONIES-AND-ORGANIZATIONS · 174 words · no verdicts yet

in plain englishAI-generated · not legal advice

The corporation cannot issue stock, pay dividends, or engage in political activity. Its income can't benefit trustees or officers personally. It also can't make loans to them.

(a) Stock and Dividends. The corporation may not issue stock. It may not declare or pay a dividend. (b) Political Activities. The corporation, and its trustees and officers acting in that role, may not give money to, support, or help a political party or a candidate for elected office. (c) Distribution of Income or Assets. The corporation's income or property may not benefit, or be given to, a trustee, officer, or member — whether the corporation is still running or is dissolving or finally winding up. There is one exception: the corporation may still pay an officer reasonable compensation, or repay actual, necessary expenses, in amounts the board of trustees approves. (d) Loans. The corporation may not lend money to a trustee, officer, or employee. Trustees who vote for or agree to such a loan are personally responsible — together and individually — for repaying it, until it is repaid. Officers who help make the loan happen share that same responsibility.
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 trustee or officer as such may not contribute to, support, or assist a political party or candidate for elective public 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 trustee, 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 or reimbursement for actual necessary expenses in amounts approved by the board of trustees.

(d)Loans.—

The corporation may not make a loan to a trustee, officer, or employee. Trustees who vote for or assent to making a loan to a trustee, 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. 1426.)

history & why it existsrecord from the source credit
  • 1998Enacted · Pub. L. 105-225 · 112 Stat. 1426

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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