36-U.S.C.-30508

§30508 – Restrictions

Pathway

Title 36 > Subtitle II > Part B > Chapter 305 > Section 30508

Details

• Reference: Section 30508
• Legend: §30508 – 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 an officer or agent as such may not contribute to a political party or candidate for public office.

(c) Distribution of Income or Assets.—The income or assets of the corporation may not inure to the benefit of, or be distributed to, an 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 compensation to an officer or reimbursement for actual necessary expenses in amounts approved by the council of administration of the corporation.

(d) Loans.—The corporation may not make a loan or advance to an officer or employee. Members of the council of administration who vote for or assent to making a loan or advance to an 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. 1321.)

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

In subsections (c) and (d), the reference to the council of administration is retained although 36:946 and 947 (restated in section 30505 of the revised title) do not create a governing body called a council of administration.

In subsection (c), the words inure to the benefit of are substituted for inure to, and 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.

In subsection (d), the words or advance are added in 2 places for consistency in the subsection.

U.S. Encyclopedia of Law Coverage

36-U.S.C.-30110 in the Legal Encyclopedia: Patriotic Organizations

In this entry about 36-U.S.C.-30110, 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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