36-U.S.C.-140707
§140707 – Restrictions
Pathway
Title 36 > Subtitle II > Part B > Chapter 1407 > Section 140707
Details
- Reference: Section 140707
- Legend: §140707 – Restrictions
- USCode Year: 2013
Provision Content
(a) Stock and Dividends.—The corporation may not issue stock or declare or pay a dividend.
(b) 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.
(c) Loans.—The corporation may not make a loan to a director, officer, or employee.
(d) 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.
(Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1385.)
| Revised Section |
Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 140707(a) | 36:5009(c). | Oct. 23, 1992, Pub. L. 102–484, title XVIII, §1809, 106 Stat. 2582. |
| 140707(b) | 36:5009(a). | |
| 140707(c) | 36:5009(b). | |
| 140707(d) | 36:5009(d). |
In subsection (a), the words any shares of are omitted as unnecessary.
U.S. Encyclopedia of Law Coverage
36-U.S.C.-140706 in the Legal Encyclopedia: Patriotic Organizations
In this entry about 36-U.S.C.-140706, find legal reference material, bibliographies and premiere content related to patriotic organizations in the American Encyclopedia of Law, presenting a comprehensive view of the United States patriotic organizations-specific issues, written by authorities in the field.
36-U.S.C.-120102 in the Legal Encyclopedia: War
In this entry about 36-U.S.C.-120102, find legal reference material, bibliographies and premiere content related to war in the American Encyclopedia of Law, presenting a comprehensive view of the United States war-specific issues, written by authorities in the field.
36-U.S.C.-140412 in the Legal Encyclopedia: Military
In this entry about 36-U.S.C.-140412, find legal reference material, bibliographies and premiere content related to military in the American Encyclopedia of Law, presenting a comprehensive view of the United States military-specific issues, written by authorities in the field.
Leave a Reply