36 USC 110305 - 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 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). |
|
Sections: 110110 110111 110112 110301 110302 110303 110304 110305 110306 110307 110308 110309 110310 120101 120102
Last modified: October 26, 2015