36 USC 152507 - 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 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, officer, or member except on dissolution or final liquidation of the corporation. This subsection does not prevent the payment of 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. 1417.)
Historical and Revision Notes
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|
| 152507(a) |
36:473. |
Aug. 13, 1953, ch. 429, §§10, 11, 13, 67 Stat. 572, 573. |
| 152507(b) |
36:471. |
|
| 152507(c) |
36:470(a). |
|
| 152507(d) |
36:470(b). |
|
Sections: 152412 152501 152502 152503 152504 152505 152506 152507 152508 152509 152510 152511 152512 152601 152602
Last modified: October 26, 2015