36 U.S.C. § 154107 — Restrictions
submitted 28 years ago by Pub. L. 105-225 to r/title-36-PATRIOTIC-AND-NATIONAL-OBSERVANCES-CEREMONIES-AND-ORGANIZATIONS · 175 words · no verdicts yet
(a) Stock and Dividends.—The corporation cannot issue stock or pay dividends. (b) Political Activities.—The corporation, directors, 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 directors, officers, or members, except for board-approved officer compensation. (d) Loans.—The corporation cannot lend to directors, officers, or employees, and specified decision-makers are liable until repayment.
(a) Stock and Dividends.—The corporation may not issue stock or declare or pay a dividend.
(b) Political Activities.—The corporation, or a director or officer 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 a director, officer, or member or be distributed to one. This does not prevent paying an officer compensation in an amount approved by the board of directors.
(d) Loans.—The corporation may not make a loan or advance to a director, officer, or employee. Directors 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 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 assist a political party or candidate for public office.
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 corporation or on its dissolution or final liquidation. This subsection does not prevent the payment of compensation to an officer in an amount approved by the board of directors.
The corporation may not make a loan or advance to a director, officer, or employee. Directors who vote for or assent to making a loan or advance to a director, officer, or employee, 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. 1433.)
- 1998Enacted · Pub. L. 105-225 · 112 Stat. 1433
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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