36-U.S.C.-140406
§140406 – Restrictions
Pathway
Title 36 > Subtitle II > Part B > Chapter 1404 > Section 140406
Details
- Reference: Section 140406
- Legend: §140406 – Restrictions
- USCode Year: 2013
Provision Content
(a) Stock and Dividends.—The corporation may not issue stock or declare or pay a dividend.
(b) 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 of the corporation during the life of the charter granted by this chapter. This subsection does not prevent the payment of reasonable compensation to an officer or employee of the corporation or reimbursement for actual necessary expenses in amounts approved by the board of directors.
(c) Loans.—The corporation may not make a loan to a director, officer, employee, or member of the corporation.
(d) Claim of Governmental Approval or Authority.—The corporation may not claim congressional approval or the authority of the United States Government for any of its activities.
(e) Corporate Status.—The corporation shall maintain its status as a corporation incorporated under the laws of the Commonwealth of Virginia.
(Added Pub. L. 111–95, §1(a), Nov. 6, 2009, 123 Stat. 3002.)
U.S. Encyclopedia of Law Coverage
36-U.S.C.-140406 in the Legal Encyclopedia: Patriotic Organizations
In this entry about 36-U.S.C.-140406, 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.
22-U.S.C.-2349AA-4 in the Legal Encyclopedia: Military
In this entry about 22-U.S.C.-2349AA-4, find legal reference material, bibliographies and premiere content related to military in the American Encyclopedia of Law, presenting a comprehensive view of the United States military-specific issues, written by authorities in the field.
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