36 USC 70307 - 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 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 Authorization.—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. 1350.)
Historical and Revision Notes
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|
| 70307(a) |
36:2208(d). |
Jan. 8, 1983, Pub. L. 97–427, §8, 96 Stat. 2266. |
| 70307(b) |
36:2208(c). |
|
| 70307(c) |
36:2208(a). |
|
| 70307(d) |
36:2208(b). |
|
| 70307(e) |
36:2208(e). |
|
Sections: 70112 70301 70302 70303 70304 70305 70306 70307 70308 70309 70310 70311 70312 70501 70502
Last modified: October 26, 2015