36 U.S.C. § 200307 — Restrictions
submitted 28 years ago by Pub. L. 105-225 to r/title-36-PATRIOTIC-AND-NATIONAL-OBSERVANCES-CEREMONIES-AND-ORGANIZATIONS · 185 words · no verdicts yet
The corporation may not issue stock, pay dividends, engage in specified political activity, distribute income or assets except for approved compensation and expenses, or make certain loans. Some people become jointly and separately liable for unauthorized loans.
(a) Stock and Dividends.— The corporation may not issue stock or declare or pay a dividend.
(b) Political Activities.— The corporation, or an officer or agent acting in that capacity, may not contribute to, support, or help a political party or candidate for public office.
(c) Distribution of Income or Assets.— During the corporation’s existence or on dissolution or final liquidation, its income or assets may not benefit or be distributed to an officer or member. This does not prevent compensation to an officer or repayment of actual necessary expenses in amounts approved by the council of administration.
(d) Loans.— The corporation may not lend or advance money to an officer or employee. A council 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 issue stock or declare or pay a dividend.
The corporation or an officer or agent 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 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 or reimbursement for actual necessary expenses in amounts approved by the council of administration of the corporation.
The corporation may not make a loan or advance to an officer or employee. Members of the council of administration who vote for or assent to making a loan or advance to an 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. 1454.)
- 1998Enacted · Pub. L. 105-225 · 112 Stat. 1454
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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