36-U.S.C.-110305

36-U.S.C.-110305

§110305 – Restrictions

Pathway

Title 36 > Subtitle II > Part B > Chapter 1103 > Section 110305

Details

  • Reference: Section 110305
  • Legend: §110305 – 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 assist 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, a director or officer. This subsection does not prevent the payment of compensation to an officer or employee in an amount approved by the executive committee 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.

(Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1370.)

Historical and Revision Notes
Revised
Section
Source (U.S. Code) Source (Statutes at Large)
110305(a) 36:921. Sept. 2, 1958, Pub. L. 85–903, §§8, 9, 11, 72 Stat. 1740.
110305(b) 36:919.  
110305(c) 36:918(a).  
110305(d) 36:918(b).  

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

In subsection (b), the word otherwise is omitted as unnecessary.

In subsection (c), the words inure to the benefit of are substituted for inure to for consistency in the revised title. The words This subsection does not prevent are substituted for Nothing in this section, however, shall be construed to prevent for consistency in the revised title and to eliminate unnecessary words.

U.S. Encyclopedia of Law Coverage

36-U.S.C.-100107 in the Legal Encyclopedia: Patriotic Organizations

In this entry about 36-U.S.C.-100107, 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.-110101 in the Legal Encyclopedia: War

In this entry about 36-U.S.C.-110101, 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.

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