36 USC 22307 - 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 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, a director, 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 compensation to an officer in an amount approved by the board of directors.
(d) Loans.—The corporation may not make a loan or advance to a director, officer, or employee. Directors who vote for or assent to making a loan or advance to a director, 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. 1303.)
Historical and Revision Notes
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|
| 22307(a) |
36:3412. |
Oct. 15, 1962, Pub. L. 87–817, §§9, 10, 12, 76 Stat. 932. |
| 22307(b) |
36:3410. |
|
| 22307(c) |
36:3409(a). |
|
| 22307(d) |
36:3409(b). |
|
Sections: 22109 22301 22302 22303 22304 22305 22306 22307 22308 22309 22310 22311 22312 22501 22502
Last modified: October 26, 2015