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36 U.S.C. § 22105Restrictions

submitted 28 years ago by Pub. L. 105-225 to r/title-36-PATRIOTIC-AND-NATIONAL-OBSERVANCES-CEREMONIES-AND-ORGANIZATIONS · 183 words · no verdicts yet

in plain englishAI-generated · not legal advice

The corporation cannot operate for profit or pay dividends. Officers and council members cannot support political candidates in that role. Its income cannot benefit individual members, and it cannot loan money to its own officers or council members.

(a) Profit The corporation may not operate for profit. (b) Stock and Dividends The corporation may not issue stock, or declare or pay a dividend. (c) Political Activities Neither the corporation, nor an officer or member of the executive council acting in that role, may contribute to, support, or assist a political party or a candidate for elective public office. (d) Distribution of Income or Assets The corporation's income or assets may not benefit, or be given to, any member of the corporation or any officer or council member — except when the corporation dissolves or is finally liquidated. (e) Loans The corporation may not make a loan or advance to an officer or member of the executive council. If council members vote for or agree to such a loan, or officers help make it happen, they are personally on the hook — jointly and individually liable — to pay the corporation back the full amount, until it's repaid.
the actual law source: uscode.house.gov ↗public domain
(a)Profit.—

The corporation may not operate for profit.

(b)Stock and Dividends.—

The corporation may not issue stock or declare or pay a dividend.

(c)Political Activities.—

The corporation or an officer or member of the executive council as such may not contribute to, support, or assist a political party or candidate for elective public office.

(d)Distribution of Income or Assets.—

The income or assets of the corporation may not inure to the benefit of, or be distributed to, a member of the corporation or an officer or member of the executive council, except on the dissolution or final liquidation of the corporation.

(e)Loans.—

The corporation may not make a loan or advance to an officer or member of the executive council. Members of the council who vote for or assent to making a loan or advance to an officer or member of the council, 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. 1301.)

history & why it existsrecord from the source credit
  • 1998Enacted · Pub. L. 105-225 · 112 Stat. 1301

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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