36 U.S. Code Section 21107 - Restrictions 2018

Section Text

(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 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, or employee.

(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.

Editorial Notes

Historical and Revision Notes Revised SectionSource (U.S. Code)Source (Statutes at Large)21107(a) 36:2408(c). June 12, 1984, Pub. L. 98–314, §8(a)–(d), 98 Stat. 238. 21107(b) 36:2408(a). 21107(c) 36:2408(b). 21107(d) 36:2408(d). In subsection (a), the words "any shares of" are omitted as unnecessary. In subsection (b), the words "inure to the benefit of" are substituted for "inure to" for consistency in the revised title.

Citation

36 U.S.C. § 21107 (2018)


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