36 USC 152307 - Restrictions
(a) Profit.—The corporation may not engage in business for profit.
(b) Stock and Dividends.—The corporation may not issue stock or declare or pay a dividend.
(c) 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.
(d) 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.
(e) 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. 1413.)
Historical and Revision Notes
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|
| 152307(a) |
36:672 (words after comma). |
Aug. 1, 1956, ch. 824, §§9, 10, 12, 70 Stat. 796. |
| 152307(b) |
36:672 (words before comma). |
|
| 152307(c) |
36:670. |
|
| 152307(d) |
36:669(a). |
|
| 152307(e) |
36:669(b). |
|
Sections: 152112 152301 152302 152303 152304 152305 152306 152307 152308 152309 152310 152311 152312 152401 152402
Last modified: October 26, 2015