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36 U.S.C. § 153707Restrictions

submitted 28 years ago by Pub. L. 105-225 to r/title-36-PATRIOTIC-AND-NATIONAL-OBSERVANCES-CEREMONIES-AND-ORGANIZATIONS · 189 words · no verdicts yet

in plain englishAI-generated · not legal advice

(a) Stock and Dividends.—The corporation cannot issue stock or pay dividends. (b) Political Activities.—The corporation, officers, and agents 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 officers or members, subject to approved compensation and expense reimbursement. (d) Loans.—The corporation cannot lend to officers or members, and specified decision-makers are liable until the loan is repaid.

(a) Stock and Dividends.—The corporation may not issue stock or declare or pay a dividend. (b) Political Activities.—The corporation, or an officer or agent acting in that role, may not contribute to, support, or assist a political party or candidate for public office. (c) Distribution of Income or Assets.—During the corporation's existence, dissolution, or final liquidation, its income or assets may not benefit an officer or member or be distributed to one. This does not prevent paying an officer reasonable compensation or reimbursing actual necessary expenses, if the corporation's council of administration approves the amounts. (d) Loans.—The corporation may not make a loan or advance to an officer or member. Council members who vote for or agree to such a loan or advance, and officers who take part in making it, are each responsible together and individually to the corporation for the loan or advance amount until it is repaid. This section does not define “jointly and severally liable.”
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 an officer or agent as such may not contribute to, support, or assist a political party or candidate for 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, an 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 council of administration of the corporation.

(d)Loans.—

The corporation may not make a loan or advance to an officer or member of the corporation. Members of the council of administration who vote for or assent to making a loan or advance to an officer or member, and officers who participate in making the loan or advance, are jointly and severally liable to the corporation for the amount of the loan or advance until it is repaid.

Source credit: (Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1429.)

history & why it existsrecord from the source credit
  • 1998Enacted · Pub. L. 105-225 · 112 Stat. 1429

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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