36 U.S.C. § 80507 — Restrictions
submitted 28 years ago by Pub. L. 105-225 to r/title-36-PATRIOTIC-AND-NATIONAL-OBSERVANCES-CEREMONIES-AND-ORGANIZATIONS · 132 words · no verdicts yet
This law restricts the Gold Star Wives corporation's finances and activities. It cannot issue stock, pay dividends, make political contributions, or loan money to insiders. Its income cannot benefit a director, officer, or member beyond reasonable pay or expenses.
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 any director, officer, or employee.
Source credit: (Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1363.)
- 1998Enacted · Pub. L. 105-225 · 112 Stat. 1363
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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