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

in plain englishAI-generated · not legal advice

The corporation cannot issue stock, pay dividends, or give money to political parties or candidates. Its income and assets cannot benefit officers or members personally. It also cannot loan money to its own officers or employees.

(a) Stock and Dividends. The corporation may not issue stock, or declare or pay a dividend. (b) Political Activities. The corporation, or any officer or agent acting for it, may not contribute to a political party or a candidate for public office. (c) Distribution of Income or Assets. The corporation's income or assets cannot benefit, or be given to, an officer or member personally, either while the corporation exists or when it dissolves or finally liquidates. This does not stop the corporation from paying an officer's compensation or reimbursing actual necessary expenses, as long as the council of administration approves the amount. (d) Loans. The corporation may not loan or advance money to an officer or employee. Council of administration members who vote for or agree to such a loan, and officers who help make it, are jointly and individually liable to the corporation for the loan amount until it is repaid.

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 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.

Source credit: (Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1321.)

history & why it existsrecord from the source credit

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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