36 U.S.C. § 220308 — Restrictions
submitted 28 years ago by Pub. L. 105-225 to r/title-36-PATRIOTIC-AND-NATIONAL-OBSERVANCES-CEREMONIES-AND-ORGANIZATIONS · 156 words · no verdicts yet
A translation hasn’t been published for this section yet. The official text below is complete and authoritative.
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 trustee, officer, or member as such during the life of the corporation or on its dissolution or final liquidation. This subsection does not prevent the payment of reasonable compensation to an officer or employee or reimbursement for actual expenses in amounts approved by the board of trustees.
The corporation may not make a loan or advance to a trustee, officer, or employee. Trustees who vote for or assent to making a loan or advance to a trustee, 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. 1464.)
- 1998Enacted · Pub. L. 105-225 · 112 Stat. 1464
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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