36 USC 21007 - 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(5)(A), Nov. 3, 1998, 112 Stat. 3243.)
Historical and Revision Notes
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|
| 21007(a) |
36 App.:5908(c). |
Aug. 13, 1998, Pub. L. 105–231, §8(a)–(d), 112 Stat. 1531. |
| 21007(b) |
36 App.:5908(a). |
|
| 21007(c) |
36 App.:5908(b). |
|
| 21007(d) |
36 App.:5908(d). |
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Sections: 20913 21001 21002 21003 21004 21005 21006 21007 21008 21009 21010 21011 21012 21101 21102
Last modified: October 26, 2015