36 U.S.C. § 70908 — Restrictions
submitted 28 years ago by Pub. L. 105-225 to r/title-36-PATRIOTIC-AND-NATIONAL-OBSERVANCES-CEREMONIES-AND-ORGANIZATIONS · 192 words · no verdicts yet
A translation hasn’t been published for this section yet. The official text below is complete and authoritative.
The FFA may not issue stock or declare or pay a dividend.
The FFA or a director, officer, or member acting on behalf of the FFA may not contribute to, support, or assist a political party or candidate for elective public office.
The income or assets of the FFA may not inure to the benefit of, or be distributed to, a director, officer, or member, except on dissolution or final liquidation of the FFA.
The FFA 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.
This section does not preclude prizes, awards, grants, or loans to student officers and members meeting the criteria established by the board of directors for selecting recipients of those benefits.
Source credit: (Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1358; Pub. L. 116–7, § 9, Feb. 21, 2019, 133 Stat. 481.)
- 1998Enacted · Pub. L. 105-225 · 112 Stat. 1358
- 2019Amended · Pub. L. 116-7 · 133 Stat. 481
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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