36 U.S.C. § 50107 — Restrictions
submitted 28 years ago by Pub. L. 105-225 to r/title-36-PATRIOTIC-AND-NATIONAL-OBSERVANCES-CEREMONIES-AND-ORGANIZATIONS · 160 words · no verdicts yet
This section addresses restrictions. It states the specific duties, permissions, funding rules, definitions, or limits set out below.
(a) Stock and Dividends. — The corporation cannot issue stock or declare or pay a dividend.
(b) Political Activities. — The corporation or a director or officer as such cannot contribute to, support, or 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 cannot 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 cannot make a loan to a director, officer, or employee.
(e) Claim of Governmental Approval or Authorization. — The corporation cannot claim congressional approval or the authority of the United States Government for any of its activities.
The corporation may not issue stock or declare or pay a dividend.
The corporation or a director or officer as such may not contribute to, support, or participate in any political activity or in any manner attempt to influence legislation.
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.
The corporation may not make a loan to a director, officer, or employee.
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. 1342.)
- 1998Enacted · Pub. L. 105-225 · 112 Stat. 1342
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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