36 USC 70107 - 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 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 employee or reimbursement for actual necessary expenses in amounts approved by the board of directors.
(c) Loans.—The corporation may not make a loan to a director, officer, employee, or member.
(d) 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. 1348.)
Historical and Revision Notes
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|
| 70107(a) |
36:5608(c). |
Sept. 23, 1996, Pub. L. 104–201, title XVIII, §1808(a)–(d), 110 Stat. 2761. |
| 70107(b) |
36:5608(a). |
|
| 70107(c) |
36:5608(b). |
|
| 70107(d) |
36:5608(d). |
|
Sections: 60112 70101 70102 70103 70104 70105 70106 70107 70108 70109 70110 70111 70112 70301 70302
Last modified: October 26, 2015