36-U.S.C.-70908
§70908 – Restrictions
Pathway
Title 36 > Subtitle II > Part B > Chapter 709 > Section 70908
Details
- Reference: Section 70908
- Legend: §70908 – 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, officer, or member as such may not contribute to, support, or assist a political party or candidate for elective 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, a director, officer, or member, except on dissolution or final liquidation of the corporation.
(d) 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.
(e) Prizes, Awards, Grants, or Loans to Student Officers and Members Meeting Criteria.—This section does not preclude prizes, awards, grants, or loans to student officers and members meeting the criteria established by the board of directors for selecting recipients of those benefits.
(Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1358.)
| Revised Section |
Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 70908(a) | 36:282. | Aug. 30, 1950, ch. 823, §§9, 10, 12, 64 Stat. 566. |
| 70908(b) | 36:280. | |
| 70908(c) | 36:279(a). | |
| 70908(d) | 36:279(b). | |
| 70908(e) | 36:279(c). |
In subsection (a), the words any shares or and its objects and purposes being solely educational are omitted as unnecessary and for consistency in the revised title.
In subsection (c), the words inure to the benefit of are substituted for inure to for consistency in the revised title. The words as provided in section 285 of this title are omitted as unnecessary.
U.S. Encyclopedia of Law Coverage
36-U.S.C.-70704 in the Legal Encyclopedia: Patriotic Organizations
In this entry about 36-U.S.C.-70704, 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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