36 USC 150508 - Restrictions
(a) Stock and Dividends.—The corporation may not issue stock or declare or pay a dividend.
(b) Political Activities.—The corporation or an officer or member as such may not contribute to, support, or assist a political party or candidate for elective public office. The corporation may not carry on propaganda.
(c) Distribution of Income or Assets.—The income or assets of the corporation may not inure to the benefit of, or be distributed to, an officer or member except on dissolution or final liquidation of the corporation.
(d) Loans.—The corporation may not make a loan or advance to an officer or member of the board of representatives. Officers and members of the board who vote for or assent to making a loan or advance to an officer or member of the board, and officers or members of the board who participate in making the loan or advance, are jointly and severally liable to the corporation for the amount of the loan or advance until it is repaid.
(Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1390.)
Historical and Revision Notes
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|
| 150508(a) |
36:414. |
Apr. 3, 1952, ch. 131, §§9–11, 14, 15, 66 Stat. 40. |
| 150508(b) |
36:410. 36:411. |
|
| 150508(c) |
36:409. |
|
| 150508(d) |
36:415. |
|
Sections: 150501 150502 150503 150504 150505 150506 150507 150508 150509 150510 150511 150512 150513 150701 150702
Last modified: October 26, 2015