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36 U.S.C. § 60107 — 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

This corporation can't issue stock or pay dividends. It can't do political activities, make loans to its leaders, or give its income to directors or officers. It also can't claim Congress approved its activities or that it has U.S. government authority.

(a) Stock and Dividends. The corporation cannot issue stock, and it cannot declare or pay a dividend to anyone. (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 the corporation's charter is in effect, its income or assets cannot benefit or go to any director, officer, or member. There is one exception: the corporation can still pay a director or officer reasonable compensation, or reimburse their actual, necessary expenses, if the board of directors approves the amount. (d) Loans. The corporation cannot make a loan to any director, officer, or employee. (e) Claim of Governmental Approval or Authorization. The corporation cannot claim that Congress has approved its activities, or that it has the authority of the U.S. government behind anything it does.
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 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 and 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 Authorization.—

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. 1346.)

history & why it existsrecord from the source credit
  • 1998Enacted · Pub. L. 105-225 · 112 Stat. 1346

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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