36-U.S.C.-220707

§220707 – Restrictions

Pathway

Title 36 > Subtitle II > Part B > Chapter 2207 > Section 220707

Details

• Reference: Section 220707
• Legend: §220707 – Restrictions
• USCode Year: 2013

Provision Content

(a) Stock and Dividends.—The corporation may not issue stock or declare or pay a dividend.

(b) Political Activities.—The corporation or a director or officer as such may not contribute to, support, or otherwise participate in any political activity or in any manner attempt to influence legislation.

(c) 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.

(d) Loans.—The corporation may not make a loan to a director, officer, or employee.

(e) 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.

(Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1480.)

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

In subsection (b), the words as such are substituted for acting as such officer or director for consistency in the revised title.

In subsection (c), the words may not are substituted for No part of . . . shall for consistency in the revised title and to eliminate unnecessary words. The words inure to the benefit of are substituted for inure to for consistency in the revised title. The words This subsection does not are substituted for Nothing in this subsection shall be construed to for consistency in the revised title and to eliminate unnecessary words.

U.S. Encyclopedia of Law Coverage

36-U.S.C.-220527 in the Legal Encyclopedia: Patriotic Organizations

In this entry about 36-U.S.C.-220527, 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.-20912 in the Legal Encyclopedia: War

In this entry about 36-U.S.C.-20912, 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.

Topic Map

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