36 USC 140506 - Restrictions
(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, officer, or member except on dissolution or final liquidation of the corporation. This subsection does not prevent the payment of compensation to an officer 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. 1383.)
Historical and Revision Notes
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|
| 140506(a) |
36:832. |
Aug. 26, 1958, Pub. L. 85–761, §§9, 10, 12, 72 Stat. 858. |
| 140506(b) |
36:830. |
|
| 140506(c) |
36:829(a). |
|
| 140506(d) |
36:829(b). |
|
Sections: 140411 140412 140501 140502 140503 140504 140505 140506 140507 140508 140509 140510 140511 140701 140702
Last modified: October 26, 2015