36-U.S.C.-220308

§220308 – Restrictions

Pathway

Title 36 > Subtitle II > Part B > Chapter 2203 > Section 220308

Details

• Reference: Section 220308
• Legend: §220308 – 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 trustee, officer, or member as such 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 or employee or reimbursement for actual expenses in amounts approved by the board of trustees.

(c) Loans.—The corporation may not make a loan or advance to a trustee, officer, or employee. Trustees who vote for or assent to making a loan or advance to a trustee, officer, or employee, and officers who participate in making the loan or advance, are jointly and severally liable to the corporation for the amount of the loan or advance until it is repaid.

(Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1464.)

In subsection (a), the words any shares of are omitted as unnecessary.

In subsection (b), the words inure to the benefit of are substituted for inure to for consistency in the revised title. The words This subsection does not prevent are substituted for Nothing in this subsection, however, shall be construed to prevent for consistency in the revised title and to eliminate unnecessary words.

In subsection (c), the words or advance are added the first time they appear for consistency in the subsection. The word Trustees is substituted for Any director, and the word trustee is substituted for director, for clarity and consistency in the revised chapter.

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.

Topic Map

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