36 USC 30707 - Restrictions
(a) Profit.—The corporation may not engage in business for profit.
(b) Stock and Dividends.—The corporation may not issue stock or declare or pay a dividend.
(c) Political Activities.—The corporation or a director, officer, or member as such may not contribute to, support, or assist a political party or candidate for elective public office.
(d) 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 except on dissolution or final liquidation of the corporation.
(e) Loans.—The corporation may not make a loan to a director, officer, or employee. Directors who vote for or assent to making a loan to a director, officer, or employee, and officers who participate in making the loan, are jointly and severally liable to the corporation for the amount of the loan until it is repaid.
(Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1323.)
Historical and Revision Notes
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|
| 30707(a) |
36:512 (words after comma). |
July 19, 1954, ch. 536, §§9, 10, 12, 68 Stat. 491. |
| 30707(b) |
36:512 (words before comma). |
|
| 30707(c) |
36:510. |
|
| 30707(d) |
36:509(a). |
|
| 30707(e) |
36:509(b). |
|
Sections: 30514 30701 30702 30703 30704 30705 30706 30707 30708 30709 30710 30711 30712 30901 30902
Last modified: October 26, 2015