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

in plain englishAI-generated · not legal advice

This section restricts the Sons of Union Veterans of the Civil War financially and politically. It can't issue stock, engage in politics, funnel money to insiders, or make loans to its own officers or employees.

(a) Stock and Dividends. The corporation may not issue stock or declare or pay a dividend. (b) Political Activities. The corporation, and its officers and agents acting on its behalf, may not give money to, support, or help a political party or a candidate for public office. (c) Distribution of Income or Assets. The corporation's income or assets may not benefit or be given to an officer or member, either while the corporation exists or when it dissolves or finally liquidates. The one exception: the council of administration can approve reasonable pay for an officer, or reimbursement for real, necessary expenses. (d) Loans. The corporation may not loan or advance money to an officer or employee. If council of administration members vote for or agree to such a loan, and officers help make it, all of them are personally liable — each one can be made to repay the full amount — until it's paid back.

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)Political Activities.—

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

(c)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 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.

(d)Loans.—

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.)

history & why it existsrecord from the source credit

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.

all 0 arguments · sorted by: best

no arguments yet — make the first case