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36 U.S.C. § 190107Restrictions

submitted 28 years ago by Pub. L. 105-225 to r/title-36-PATRIOTIC-AND-NATIONAL-OBSERVANCES-CEREMONIES-AND-ORGANIZATIONS · 159 words · no verdicts yet

in plain englishAI-generated · not legal advice

This section places five limits on the Reserve Officers Association. It can't run for profit, issue stock, engage in politics, funnel money to insiders, or make loans to its own leaders.

(a) Profit. The corporation may not run a for-profit business. (b) Stock. The corporation may not issue stock. (c) Political Activities. The corporation, and its officers and members acting on its behalf, may not give money to, support, or help a political party or a candidate for public office. (d) Distribution of Income or Assets. The corporation's income or assets may not go to benefit an officer or member. The only exception is when the corporation dissolves or finally liquidates — then assets may be distributed. (e) Loans. The corporation may not loan or advance money to an officer or to a member of its national executive committee. If executive committee members vote for or agree to such a loan, and officers take part in making it, all of them are personally on the hook — "jointly and severally liable" means each one can be made to repay the whole amount — until the loan is paid back.
the actual law source: uscode.house.gov ↗public domain
(a)Profit.—

The corporation may not engage in business for profit.

(b)Stock.—

The corporation may not issue stock.

(c)Political Activities.—

The corporation or an officer or member as such may not contribute to, support, or assist a political party or candidate for public office.

(d)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 except on dissolution or final liquidation of the corporation.

(e)Loans.—

The corporation may not make a loan or advance to an officer or member of the national executive committee. Members of the national executive committee who vote for or assent to making a loan or advance to an officer, 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. 1448.)

history & why it existsrecord from the source credit
  • 1998Enacted · Pub. L. 105-225 · 112 Stat. 1448

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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