36-U.S.C.-70507
§70507 – Restrictions
Pathway
Title 36 > Subtitle II > Part B > Chapter 705 > Section 70507
Details
- Reference: Section 70507
- Legend: §70507 – 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.—(1) The activities, funds, income, and property of the corporation may not be used to carry on political activity or attempt to influence legislation.
(2) The corporation or a director or officer as such may not contribute to, support, or assist a political party or candidate for elective public office.
(c) Distribution of Income.—The income of the corporation may not inure to the benefit of a director, officer, member, or private individual.
(d) Loans.—The corporation may not make a loan or advance to a director or officer. Directors and officers who vote for, assent to, or participate in making a loan or advance to a director or officer are jointly and severally liable to the corporation for the amount of the loan or advance until it is repaid.
(e) Immunity From Liability.—Members and private individuals are not liable for the obligations of the corporation.
(Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1353.)
| Revised Section |
Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 70507(a) | 36:582. | Aug. 24, 1954, ch. 911, §§9, 10, 12, 68 Stat. 799. |
| 70507(b) | 36:580. | |
| 70507(c) | 36:579(a) (words before last comma). | |
| 70507(d) | 36:579(b). | |
| 70507(e) | 36:579(a) (words after last comma). |
In subsection (a), the words any shares of are omitted as unnecessary.
In subsection (b)(1), the words directly or indirectly are omitted as unnecessary.
In subsection (c), the word income is substituted for net earnings 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.-70305 in the Legal Encyclopedia: Patriotic Organizations
In this entry about 36-U.S.C.-70305, 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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