36 U.S.C. § 153507 — Restrictions
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
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.
The corporation may not issue stock or declare or pay a dividend.
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.
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.
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.)
- 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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