36 USC 200307 - Restrictions
(a) Stock and Dividends.—The corporation may not issue stock or declare or pay a dividend.
(b) Political Activities.—The corporation or an 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, an 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 or reimbursement for actual necessary expenses in amounts approved by the council of administration of the corporation.
(d) Loans.—The corporation may not make a loan or advance to an officer or employee. Members of the council of administration who vote for or assent to making a loan or advance to an 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. 1454.)
Historical and Revision Notes
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|
| 200307(a) |
36:543. |
Aug. 20, 1954, ch. 774, §§10, 11, 13, 68 Stat. 751. |
| 200307(b) |
36:541. |
|
| 200307(c) |
36:540(a). |
|
| 200307(d) |
36:540(b). |
|
Sections: 200106 200301 200302 200303 200304 200305 200306 200307 200308 200309 200310 200311 200312 200313 210101
Last modified: October 26, 2015