36 USC 153507 - Restrictions
(a) Stock and Dividends.—The corporation may not issue stock or declare or pay a dividend.
(b) Political Activities.—The corporation or a trustee or officer as such may not contribute to, support, or assist a political party or candidate for elective 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 trustee, 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 or reimbursement for actual necessary expenses in amounts approved by the board of trustees.
(d) Loans.—The corporation may not make a loan to a trustee, officer, or employee. Trustees who vote for or assent to making a loan to a trustee, 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. 1426.)
Historical and Revision Notes
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|
| 153507(a) |
36:4612. |
Aug. 19, 1964, Pub. L. 88–449, §§12, 13, 15, 78 Stat. 499. |
| 153507(b) |
36:4615. |
|
| 153507(c) |
36:4613(a). |
|
| 153507(d) |
36:4613(b). |
|
Sections: 153304 153501 153502 153503 153504 153505 153506 153507 153508 153509 153510 153511 153512 153513 153514
Last modified: October 26, 2015