36-U.S.C.-220108
§220108 – Restrictions
Pathway
Title 36 > Subtitle II > Part B > Chapter 2201 > Section 220108
Details
- Reference: Section 220108
- Legend: §220108 – Restrictions
- USCode Year: 2013
Provision Content
(a) Profit.—The corporation may not engage in business activity for profit unless the activity is substantially related to—
(1) the purposes stated in section 220102 of this title; or
(2) raising funds to accomplish those purposes.
(b) Stock and Dividends.—The corporation may not issue stock or declare or pay a dividend.
(c) Political Activities.—The corporation shall be nonpolitical and may not provide financial aid or assistance to, or otherwise promote the candidacy of, an individual seeking elective public office. A substantial part of the activities of the corporation may not involve carrying on propaganda or otherwise attempting to influence legislation.
(d) Distribution of Income or Assets.—The income or assets of the corporation may not inure to the benefit of a governor, officer, member, or employee or be distributed to any person during the life of the corporation or on its dissolution or final liquidation. This subsection does not prevent the payment of reasonable compensation to an officer, employee, or other person or reimbursement for actual necessary expenses in amounts approved by the board of governors.
(e) Loans.—The corporation may not make a loan to a governor, officer, member, or employee.
(Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1461.)
| Revised Section |
Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 220108(a) | 36:1304(b) (last sentence). | Dec. 29, 1979, Pub. L. 96–165, §4(a), (b), (d), (e), 93 Stat. 1269, 1270. |
| 220108(b) | 36:1304(b) (1st sentence). | |
| 220108(c) | 36:1304(a). | |
| 220108(d) | 36:1304(d). | |
| 220108(e) | 36:1304(e). |
In subsection (a), before clause (1), the word pecuniary is omitted as unnecessary.
In subsection (b), the words any shares of capital are omitted as unnecessary.
In subsection (c), the words as an organization are omitted as unnecessary.
In subsection (d) the words inure to the benefit of are substituted for inure to for consistency in the revised title.
U.S. Encyclopedia of Law Coverage
36-U.S.C.-220102 in the Legal Encyclopedia: Patriotic Organizations
In this entry about 36-U.S.C.-220102, 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.
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