36 USC 220707 - 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 otherwise participate in any political activity or in any manner attempt to influence legislation.
(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 charter granted by this chapter. This subsection does not prevent the payment of reasonable compensation to an officer or reimbursement for actual necessary expenses in amounts approved by the board of directors.
(d) Loans.—The corporation may not make a loan to a director, officer, or employee.
(e) 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.
(Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1480.)
Historical and Revision Notes
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|
| 220707(a) |
36:1808(d). |
Nov. 20, 1981, Pub. L. 97–83, §8, 95 Stat. 1095. |
| 220707(b) |
36:1808(c). |
|
| 220707(c) |
36:1808(a). |
|
| 220707(d) |
36:1808(b). |
|
| 220707(e) |
36:1808(e). |
|
Sections: 220529 220701 220702 220703 220704 220705 220706 220707 220708 220709 220710 220711 220712 230101 230102
Last modified: October 26, 2015