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36 U.S.C. § 240107 — Restrictions

submitted 28 years ago by Pub. L. 105-225 to r/title-36-PATRIOTIC-AND-NATIONAL-OBSERVANCES-CEREMONIES-AND-ORGANIZATIONS · 161 words · no verdicts yet

in plain englishAI-generated · not legal advice

The corporation cannot issue stock or pay dividends, and it cannot take part in political activity or try to influence legislation. Its income and assets cannot benefit directors, officers, or members, beyond reasonable pay and approved expenses. It cannot lend money to its directors, officers, or employees, or claim government approval for its activities.

(a) Stock and Dividends. The corporation cannot issue stock. It cannot declare or pay a dividend. (b) Political Activities. Neither the corporation, nor a director or officer acting in that role, may contribute to, support, or take part in any political activity, or try in any way to influence legislation. (c) 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. (d) Loans. The corporation cannot make a loan to a director, officer, or employee. (e) Claim of Governmental Approval or Authority. The corporation cannot claim it has the approval or authority of the United States Government for any of 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)Political Activities.—

The corporation or a director or officer as such may not contribute to, support, or otherwise participate in any political activity or in any manner attempt to influence legislation.

(c)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.

(d)Loans.—

The corporation may not make a loan to a director, officer, or employee.

(e)Claim of Governmental Approval or Authority.—

The corporation may not claim the 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. 1489.)

history & why it existsrecord from the source credit
  • 1998Enacted · Pub. L. 105-225 · 112 Stat. 1489

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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