36 U.S.C. § 22707 — Restrictions
submitted 28 years ago by Pub. L. 105-225 to r/title-36-PATRIOTIC-AND-NATIONAL-OBSERVANCES-CEREMONIES-AND-ORGANIZATIONS · 186 words · no verdicts yet
The corporation must operate as a nonprofit for charitable, educational, patriotic, and civic purposes. It cannot issue stock, pay dividends, support political candidates, or spread propaganda. Its income cannot benefit members personally, except when the corporation dissolves, and it cannot loan money to its own directors or officers.
The corporation shall operate as a not-for-profit corporation, exclusively for charitable, educational, patriotic, and civic improvement purposes.
The corporation may not issue stock or declare or pay a dividend.
The corporation or an officer of the corporation or member of its executive committee as such may not contribute to, support, or assist a political party or candidate for elective public office. The corporation may not carry on propaganda.
The income or assets of the corporation may not inure to the benefit of, or be distributed to, a director, officer, or member of the corporation, except on dissolution or final liquidation of the corporation.
The corporation may not make a loan or advance to a director or officer. Directors who vote for or assent to making a loan or advance to a director or officer, 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. 1308.)
- 1998Enacted · Pub. L. 105-225 · 112 Stat. 1308
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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