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36 U.S.C. § 230508 — Restrictions

submitted 28 years ago by Pub. L. 105-225 to r/title-36-PATRIOTIC-AND-NATIONAL-OBSERVANCES-CEREMONIES-AND-ORGANIZATIONS · 128 words · no verdicts yet

in plain englishAI-generated · not legal advice

The corporation cannot issue stock or pay dividends, and its income and assets cannot benefit directors, officers, or members — though reasonable pay and approved expenses are fine. It cannot lend money to directors, officers, or employees. It also cannot claim Congress approved its activities or that it has U.S. government authority.

(a) Stock and Dividends. The corporation cannot issue stock. It cannot declare or pay a dividend. (b) Distribution of Income or Assets. While this charter lasts, the corporation's income or assets cannot benefit a director, officer, or member, and cannot be distributed to one. But the corporation can still pay an officer reasonable compensation, or reimburse an officer for actual, necessary expenses, as long as the board of directors approves the amount. (c) Loans. The corporation cannot make a loan to a director, officer, or employee. (d) Claim of Governmental Approval or Authority. The corporation cannot claim that Congress approved its activities, or that it has the authority of the United States Government behind 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 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, or employee.

(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: (Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1487.)

history & why it existsrecord from the source credit
  • 1998Enacted · Pub. L. 105-225 · 112 Stat. 1487

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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