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36 U.S.C. § 154708Restrictions

submitted 28 years ago by Pub. L. 105-225 to r/title-36-PATRIOTIC-AND-NATIONAL-OBSERVANCES-CEREMONIES-AND-ORGANIZATIONS · 128 words · no verdicts yet

in plain englishAI-generated · not legal advice

The corporation may not issue stock or declare or pay dividends, distribute its income or assets to a director, officer, or member, or make a loan to a director, officer, or employee. It also may not claim congressional approval or the authority of the United States Government for its activities.

(a) Stock and Dividends — The corporation may not issue stock or declare or pay a dividend. (b) Distribution of Income or Assets — During the life of the charter granted by this chapter, the corporation's income or assets may not benefit a director, officer, or member or be distributed to a director, officer, or member. This does not prevent paying reasonable compensation to an officer or reimbursing actual necessary expenses, in amounts approved by the board of directors. (c) Loans — The corporation may not make a loan to a director, officer, or employee. (d) Claim of Governmental Approval or Authority — The corporation may not claim congressional approval or the authority of the United States Government for any of its activities.
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)Distribution of Income or Assets.—

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 charter granted by this chapter. 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 directors.

(c)Loans.—

The corporation may not make a loan to a director, officer, or employee.

(d)Claim of Governmental Approval or Authority.—

The corporation may not claim congressional approval or the authority of the United States Government for any of its activities.

Source credit: (Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1438.)

history & why it existsrecord from the source credit
  • 1998Enacted · Pub. L. 105-225 · 112 Stat. 1438

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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