36 U.S. Code Section 50107 - Restrictions 2018

Section Text

(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.

Editorial Notes

Historical and Revision Notes Revised SectionSource (U.S. Code)Source (Statutes at Large)50107(a) 36:3708(d). Dec. 9, 1985, Pub. L. 99–172, §8, 99 Stat. 1021. 50107(b) 36:3708(c). 50107(c) 36:3708(a). 50107(d) 36:3708(b). 50107(e) 36:3708(e). This subsection is substituted for the source provisions for consistency in the revised title and to eliminate unnecessary words.

Citation

36 U.S.C. § 50107 (2018)


Disclaimer: Lawrina maintains this website to enhance public access to information about its activities. We make an effort to keep the information about codes timely and accurate. Please note that we cannot guarantee that the U.S.C 2018, Title 36, Subtitle II, Part b, Chapter 501, Section 50107 — Restrictions — exactly reproduces the officially adopted text.