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
(a) Stock and Dividends.—The corporation cannot issue stock or pay dividends. (b) Political Activities.—The corporation, trustees, and officers acting in those roles cannot support political parties or candidates. (c) Distribution of Income or Assets.—Income and assets cannot benefit or be distributed to insiders, subject to approved compensation and expense reimbursement. (d) Loans.—The corporation cannot lend to insiders, and specified decision-makers are liable until such a loan is repaid.
(a) Stock and Dividends.—The corporation may not issue stock or declare or pay a dividend.
(b) Political Activities.—The corporation, and a trustee or officer acting in that role, may not contribute to, support, or assist a political party or a candidate for elective public office.
(c) Distribution of Income or Assets.—During the corporation's existence, dissolution, or final liquidation, its income or assets may not benefit a trustee, officer, or member or be distributed to one. This does not prevent paying an officer reasonable compensation or reimbursing actual necessary expenses, if the board of trustees approves the amounts.
(d) Loans.—The corporation may not lend money to a trustee, officer, or employee. Trustees who vote for or agree to such a loan, and officers who take part in making it, are each responsible together and individually to the corporation for the loan amount until it is repaid. This section does not define “jointly and severally liable.”
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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