ALLcrimesfood&drugstaxestelecomcommercehealthconservationtransportationagricultureveteransbrowse all titles »
0

36 U.S.C. § 20207 — Restrictions

submitted 28 years ago by Pub. L. 105-354 to r/title-36-PATRIOTIC-AND-NATIONAL-OBSERVANCES-CEREMONIES-AND-ORGANIZATIONS · 131 words · no verdicts yet

in plain englishAI-generated · not legal advice

This section limits what the Air Force Sergeants Association can do financially. It can't issue stock, pay dividends, or make loans to its own people. It also can't claim it has congressional approval or government authority for its activities.

(a) Stock and Dividends. The corporation can't issue stock or declare or pay a dividend. (b) Distribution of Income or Assets. The corporation's income or assets can't benefit or go to a director, officer, or member while the charter is active. This doesn't stop the corporation from paying reasonable compensation to an officer or employee, or reimbursing actual, necessary expenses, if the board approves the amount. (c) Loans. The corporation can't loan money to a director, officer, employee, or member. (d) Claim of Governmental Approval or Authority. The corporation can't claim it has congressional approval or U.S. government authority for any of its activities.
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)Distribution of Income or Assets.—

The income or assets of the corporation may not inure to the benefit of, or be distributed to, a director, officer, or member during the life of the charter granted by this chapter. This subsection does not prevent the payment of reasonable compensation to an officer or employee or reimbursement for actual necessary expenses in amounts approved by the board of directors.

(c)Loans.—

The corporation may not make a loan to a director, officer, employee, or member.

(d)Claim of Governmental Approval or Authority.—

The corporation may not claim congressional approval or the authority of the United States Government for any of its activities.

Source credit: (Added Pub. L. 105–354, § 1(4)(A), Nov. 3, 1998, 112 Stat. 3241.)

history & why it existsrecord from the source credit
  • 1998Enacted · Pub. L. 105-354 · 112 Stat. 3241

A history note hasn’t been published yet. The record shows enactment by Pub. L. 105-354 on 1998-11-03.

all 0 arguments · sorted by: best

0/280

no arguments yet — make the first case