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36 U.S.C. § 70307Restrictions

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

in plain englishAI-generated · not legal advice

This section addresses restrictions. It sets the rules stated in the explanation.

(a) The corporation may not issue stock or declare or pay dividends. (b) The corporation, and a director or officer acting in that role, may not contribute to, support, participate in political activity, or try to influence legislation. (c) During the charter, corporate income or assets may not benefit or be distributed to a director, officer, or member. This does not bar reasonable officer compensation or reimbursement of actual necessary expenses approved by the board. (d) The corporation may not lend to a director, officer, or employee. (e) It may not claim congressional approval or United States Government authority for its activities.
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 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. 1350.)

history & why it existsrecord from the source credit
  • 1998Enacted · Pub. L. 105-225 · 112 Stat. 1350

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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