36 U.S.C. § 190107 — Restrictions
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
This section limits the corporation’s business, stock, political activity, distributions, and loans. It also makes certain committee members and officers jointly and separately responsible for unauthorized loans or advances until repayment.
(a) Profit.— The corporation may not operate a business for profit.
(b) Stock.— The corporation may not issue stock.
(c) Political Activities.— The corporation, or an officer or member acting in that capacity, may not contribute 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 benefit or be distributed to an officer or member, except when the corporation is dissolved or finally liquidated.
(e) Loans.— The corporation may not lend or advance money to an officer or member of the national executive committee. A national executive committee member who votes for or agrees to such a loan or advance, and an officer who takes part in making it, are jointly and separately liable to the corporation for the amount until it is repaid.
The corporation may not engage in business for profit.
The corporation may not issue stock.
The corporation or an officer or member 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, an officer or member except on dissolution or final liquidation of the corporation.
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.)
- 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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