36-U.S.C.-20207
§20207 – Restrictions
Pathway
Title 36 > Subtitle II > Part B > Chapter 202 > Section 20207
Details
- Reference: Section 20207
- Legend: §20207 – 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 employee 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, employee, or member.
(d) Claim of Governmental Approval or Authority.—The corporation may not claim congressional approval or the authority of the United States Government for any of its activities.
(Added Pub. L. 105–354, §1(4)(A), Nov. 3, 1998, 112 Stat. 3241.)
| Revised Section |
Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 20207(a) | 36 App.:5808(c). | Nov. 18, 1997, Pub. L. 105–85, title XV, §1508(a)–(d), 111 Stat. 1964. |
| 20207(b) | 36 App.:5808(a). | |
| 20207(c) | 36 App.:5808(b). | |
| 20207(d) | 36 App.:5808(d). |
In subsection (a), the words any shares of are omitted as unnecessary.
In subsection (b), the words This subsection does not are substituted for Nothing in this subsection may be construed to for consistency in the revised title.
In subsection (d), the words by virtue of this chapter are omitted as unnecessary.
U.S. Encyclopedia of Law Coverage
36-U.S.C.-20101 in the Legal Encyclopedia: Patriotic Organizations
In this entry about 36-U.S.C.-20101, 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.
Leave a Reply