36-U.S.C.-170106
§170106 – Restrictions
Pathway
Title 36 > Subtitle II > Part B > Chapter 1701 > Section 170106
Details
- Reference: Section 170106
- Legend: §170106 – Restrictions
- USCode Year: 2013
Provision Content
(a) Profit.—The corporation may not engage in business for profit.
(b) Stock.—The corporation may not issue stock.
(c) Political Activities.—The corporation shall be nonpolitical and may not provide financial aid to, or otherwise promote the candidacy of, an individual seeking 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, member, or employee during the life of the corporation or on its dissolution or final liquidation. This subsection does not prevent the payment of reasonable compensation to an officer or employee or reimbursement for actual necessary expenses in amounts approved by the board of directors.
(e) Loans.—The corporation may not make a loan to a director, officer, member, or employee. Directors who vote for or assent to making such a loan, 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. 1441.)
| Revised Section |
Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 170106(a), (b) | 36:1155. | Aug. 11, 1971, Pub. L. 92–93, §§5, 6, 14, 85 Stat. 318, 319. |
| 170106(c) | 36:1156. | |
| 170106(d) | 36:1164(a). | |
| 170106(e) | 36:1164(b). |
In subsection (a), the words pecuniary and or gain are omitted as unnecessary.
In subsection (b), the word capital is omitted as unnecessary.
In subsection (c), the words as an organization 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.
U.S. Encyclopedia of Law Coverage
36-U.S.C.-154704 in the Legal Encyclopedia: Patriotic Organizations
In this entry about 36-U.S.C.-154704, 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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