36 U.S.C. § 21007 — 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
The American GI Forum cannot issue stock, pay dividends, make loans to its own leaders, or claim government approval for its work. Its income cannot benefit directors, officers, or members personally, beyond reasonable pay or expense reimbursement.
(a) Stock and Dividends: The corporation cannot issue stock or declare or pay a dividend.
(b) Distribution of Income or Assets: While the charter lasts, the corporation's income or assets cannot benefit or go to a director, officer, or member personally. This does not stop the corporation from paying reasonable compensation to an officer or employee, or reimbursing actual necessary expenses, if the board approves the amounts.
(c) Loans: The corporation cannot loan money to a director, officer, employee, or member.
(d) Claim of Governmental Approval or Authority: The corporation cannot claim it has congressional approval or United States Government authority for any of its activities.
The corporation may not issue stock or declare or pay a dividend.
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.
The corporation may not make a loan to a director, officer, employee, or member.
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(5)(A), Nov. 3, 1998, 112 Stat. 3243.)
- 1998Enacted · Pub. L. 105-354 · 112 Stat. 3243
A history note hasn’t been published yet. The record shows enactment by Pub. L. 105-354 on 1998-11-03.
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