36 USC 220308 - 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 trustee, officer, or member as such 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 employee or reimbursement for actual expenses in amounts approved by the board of trustees.
(c) Loans.—The corporation may not make a loan or advance to a trustee, officer, or employee. Trustees who vote for or assent to making a loan or advance to a trustee, 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. 1464.)
Historical and Revision Notes
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|
| 220308(a) |
36:1211. |
Oct. 20, 1978, Pub. L. 95–493, §§9, 11, 92 Stat. 1646. |
| 220308(b) |
36:1209(a). |
|
| 220308(c) |
36:1209(b). |
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Sections: 220301 220302 220303 220304 220305 220306 220307 220308 220309 220310 220311 220312 220313 220314 220315
Last modified: October 26, 2015