36 USC 20207 - Restrictions
(a) Stock and Dividends.—The corporation may not issue stock or declare or pay a dividend.
(b) 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 charter granted by this chapter. This subsection does not prevent the payment of reasonable compensation to an officer or employee or reimbursement for actual necessary expenses in amounts approved by the board of directors.
(c) Loans.—The corporation may not make a loan to a director, officer, employee, or member.
(d) Claim of Governmental Approval or Authority.—The corporation may not claim congressional approval or the authority of the United States Government for any of its activities.
(Added Pub. L. 105–354, §1(4)(A), Nov. 3, 1998, 112 Stat. 3241.)
Historical and Revision Notes
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|
| 20207(a) |
36 App.:5808(c). |
Nov. 18, 1997, Pub. L. 105–85, title XV, §1508(a)–(d), 111 Stat. 1964. |
| 20207(b) |
36 App.:5808(a). |
|
| 20207(c) |
36 App.:5808(b). |
|
| 20207(d) |
36 App.:5808(d). |
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Sections: 20111 20201 20202 20203 20204 20205 20206 20207 20208 20209 20210 20211 20212 20301 20302
Last modified: October 26, 2015