36-U.S.C.-30707
§30707 – Restrictions
Pathway
Title 36 > Subtitle II > Part B > Chapter 307 > Section 30707
Details
- Reference: Section 30707
- Legend: §30707 – Restrictions
- USCode Year: 2013
Provision Content
(a) Profit.—The corporation may not engage in business for profit.
(b) Stock and Dividends.—The corporation may not issue stock or declare or pay a dividend.
(c) Political Activities.—The corporation or a director, officer, or member as such may not contribute to, support, or assist a political party or candidate for elective public office.
(d) 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 except on dissolution or final liquidation of the corporation.
(e) Loans.—The corporation may not make a loan to a director, officer, or employee. Directors who vote for or assent to making a loan to a director, officer, or employee, and officers who participate in making the loan, are jointly and severally liable to the corporation for the amount of the loan until it is repaid.
(Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1323.)
| Revised Section |
Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 30707(a) | 36:512 (words after comma). | July 19, 1954, ch. 536, §§9, 10, 12, 68 Stat. 491. |
| 30707(b) | 36:512 (words before comma). | |
| 30707(c) | 36:510. | |
| 30707(d) | 36:509(a). | |
| 30707(e) | 36:509(b). |
In subsection (a), the word pecuniary is omitted as unnecessary.
In subsection (b), the words any shares of 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. The words as provided in section 515 of this title are omitted as unnecessary.
U.S. Encyclopedia of Law Coverage
36-U.S.C.-30509 in the Legal Encyclopedia: Patriotic Organizations
In this entry about 36-U.S.C.-30509, 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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