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36 U.S.C. § 30707Restrictions

submitted 28 years ago by Pub. L. 105-225 to r/title-36-PATRIOTIC-AND-NATIONAL-OBSERVANCES-CEREMONIES-AND-ORGANIZATIONS · 156 words · no verdicts yet

in plain englishAI-generated · not legal advice

This section sets rules about Restrictions. It assigns the listed duties, permissions, limits, or procedures to the people and organizations identified in the section.

(a) Profit .— The corporation cannot engage in business for profit. (b) Stock and Dividends .— The corporation cannot issue stock or declare or pay a dividend. (c) Political Activities .— The corporation or a director, officer, or member as such cannot contribute to, support, or assist a political party or candidate for elective public office. (d) Distribution of Income or Assets .— The income or assets of the corporation cannot inure to the benefit of, or be distributed to, a director, officer, or member except on dissolution or final liquidation of the corporation. (e) Loans .— The corporation cannot make a loan to a director, officer, or employee. Directors who vote for or assent to making a loan to a director, officer, or employee, and officers who participate in making the loan, are jointly and severally liable to the corporation for the amount of the loan until it is repaid.
the actual law source: uscode.house.gov ↗public domain
(a)Profit.—

The corporation may not engage in business for profit.

(b)Stock and Dividends.—

The corporation may not issue stock or declare or pay a dividend.

(c)Political Activities.—

The corporation or a director, officer, or member as such may not contribute to, support, or assist a political party or candidate for elective public office.

(d)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 except on dissolution or final liquidation of the corporation.

(e)Loans.—

The corporation may not make a loan to a director, officer, or employee. Directors who vote for or assent to making a loan to a director, officer, or employee, and officers who participate in making the loan, are jointly and severally liable to the corporation for the amount of the loan until it is repaid.

Source credit: (Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1323.)

history & why it existsrecord from the source credit
  • 1998Enacted · Pub. L. 105-225 · 112 Stat. 1323

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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