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 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.
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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