36 U.S.C. § 30508 — Restrictions
submitted 28 years ago by Pub. L. 105-225 to r/title-36-PATRIOTIC-AND-NATIONAL-OBSERVANCES-CEREMONIES-AND-ORGANIZATIONS · 184 words · no verdicts yet
This section addresses restrictions. It sets out the definitions, duties, limits, exceptions, or procedures stated in the explanation.
(a) Stock and Dividends. — The corporation may not issue stock or declare or pay a dividend. (b) Political Activities. — The corporation or an officer or agent as such may not contribute to a political party or candidate for public office. (c) Distribution of Income or Assets. — The income or assets of the corporation may not inure to the benefit of, or be distributed to, an 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 compensation to an officer or reimbursement for actual necessary expenses in amounts approved by the council of administration of the corporation. (d) Loans. — The corporation may not make a loan or advance to an officer or employee. Members of the council of administration who vote for or assent to making a loan or advance to an 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.
The corporation may not issue stock or declare or pay a dividend.
The corporation or an officer or agent as such may not contribute to a political party or candidate for public office.
The income or assets of the corporation may not inure to the benefit of, or be distributed to, an 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 compensation to an officer or reimbursement for actual necessary expenses in amounts approved by the council of administration of the corporation.
The corporation may not make a loan or advance to an officer or employee. Members of the council of administration who vote for or assent to making a loan or advance to an 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. 1321.)
- 1998Enacted · Pub. L. 105-225 · 112 Stat. 1321
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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