36 USC 230307 - Restrictions
(a) Stocks and Dividends.—The corporation may not issue stock or declare or pay a dividend.
(b) Political Activities.—The corporation or an officer or agent 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, an officer or member 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 or reimbursement for actual necessary expenses in amounts approved by the board of administration of the corporation.
(d) Loans.—The corporation may not make a loan or advance to an officer or employee. Members of the board of administration who vote for or assent to making a loan or advance to an 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. 1484.)
Historical and Revision Notes
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|
| 230307(a) |
36:773. |
July 18, 1958, Pub. L. 85–530, §§10, 11, 13, 72 Stat. 373, 374. |
| 230307(b) |
36:771. |
|
| 230307(c) |
36:770(a). |
|
| 230307(d) |
36:770(b). |
|
Sections: 230107 230301 230302 230303 230304 230305 230306 230307 230308 230309 230310 230311 230312 230313 230501
Last modified: October 26, 2015