36 USC 154107 - 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 or officer 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 during the life of the corporation or on its dissolution or final liquidation. 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 or advance to a director, officer, or employee. Directors who vote for or assent to making a loan or advance to a director, officer, or employee, and officers 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. 1433.)
Historical and Revision Notes
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|
| 154107(a) |
36:1052. |
Sept. 10, 1962, Pub. L. 87–655, §§9, 10, 12, 76 Stat. 532, 533. |
| 154107(b) |
36:1050. |
|
| 154107(c) |
36:1049(a). |
|
| 154107(d) |
36:1049(b). |
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Sections: 153904 154101 154102 154103 154104 154105 154106 154107 154108 154109 154110 154111 154112 154113 154301
Last modified: October 26, 2015