36 USC 21107 - Restrictions
(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 during the life of the charter granted by this chapter. This subsection does not prevent the payment of reasonable compensation to an officer 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, or employee.
(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.
(Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1293.)
Historical and Revision Notes
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|
| 21107(a) |
36:2408(c). |
June 12, 1984, Pub. L. 98–314, §8(a)–(d), 98 Stat. 238. |
| 21107(b) |
36:2408(a). |
|
| 21107(c) |
36:2408(b). |
|
| 21107(d) |
36:2408(d). |
|
Sections: 21012 21101 21102 21103 21104 21105 21106 21107 21108 21109 21110 21111 21112 21301 21302
Last modified: October 26, 2015