36 USC 150708 - 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 member as such may not contribute to, support, or assist a political party or candidate for elective public office, or advocate, sponsor, or promote legislation in the Congress of the United States or in the legislature of a State.
(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 executive committee from adopting terms of employment of the executive director as provided in section 150705(e) of this title.
(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. 1393.)
Historical and Revision Notes
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|
| 150708(a) |
36:442. |
Aug. 13, 1953, ch. 427, §§9, 10, 12, 67 Stat. 564, 565. |
| 150708(b) |
36:440. |
|
| 150708(c) |
36:439(a). |
|
| 150708(d) |
36:439(b). |
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Sections: 150701 150702 150703 150704 150705 150706 150707 150708 150709 150710 150711 150712 150713 150901 150902
Last modified: October 26, 2015