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
This section restricts the FFA’s stock, political activity, distributions, loans, and related director and officer liability, while preserving specified benefits for qualifying student officers and members.
(a) Stock and Dividends. The FFA may not issue stock or declare or pay a dividend.
(b) Political Activities. The FFA, or a director, officer, or member acting for it, may not contribute to, support, or help a political party or a candidate for elected public office.
(c) Distribution of Income or Assets. FFA income or assets may not benefit or be distributed to a director, officer, or member, except when the FFA dissolves or is finally liquidated.
(d) Loans. The FFA may not lend money to a director, officer, or employee. Directors who vote for or agree to such a loan, and officers who take part in making it, are jointly and individually liable to the FFA for the loan amount until it is repaid.
(e) Prizes, Awards, Grants, or Loans to Student Officers and Members Meeting Criteria. This section does not prevent prizes, awards, grants, or loans to student officers and members who meet criteria the board of directors sets for choosing recipients.
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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