36 USC 130507 - 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, officer, or agent as such may not contribute to, support, or assist any political party or candidate for office.
(c) Distribution of Income or Assets.—The income and 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 corporation or on its dissolution or final liquidation. This subsection does not prevent the payment of reasonable compensation to an officer in an amount approved by the board of directors.
(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. 1378.)
Historical and Revision Notes
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|
| 130507(a) |
36:1082. |
July 16, 1964, Pub. L. 88–378, §§9, 10, 12, 78 Stat. 327. |
| 130507(b) |
36:1080. |
|
| 130507(c) |
36:1079(a). |
|
| 130507(d) |
36:1079(b). |
|
Sections: 130311 130501 130502 130503 130504 130505 130506 130507 130508 130509 130510 130511 130512 130513 140101
Last modified: October 26, 2015