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U.S. Code, Title 36, Patriotic Societies and Observances
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General SummaryThe U.S. Code is a consolidation and codification by subject matter of the general and permanent laws of the United States. While every effort has been made to ensure that this reproduction of the Code is accurate, those using it for legal purposes should verify their results against the printed version of the Code available through the Government Printing Office.
§ 200307. Restrictions
(a) Stock and Dividends.—The corporation may not issue stock or declare or pay a dividend.
(b) Political Activities.—The corporation or an officer or agent as such may not contribute to, support, or assist a political party or candidate for public office.
(c) Distribution of Income or Assets.—The income or assets of the corporation may not inure to the benefit of, or be distributed to, an officer or member during the life of the corporation or on its dissolution or final liquidation. This subsection does not prevent the payment of compensation to an officer or reimbursement for actual necessary expenses in amounts approved by the council of administration of the corporation.
(d) Loans.—The corporation may not make a loan or advance to an officer or employee. Members of the council of administration who vote for or assent to making a loan or advance to an officer or employee, and officers who participate in making the loan or advance, are jointly and severally liable to the corporation for the amount of the loan or advance until it is repaid.
(Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1454.)
Historical and Revision Notes
Revised Section
Source (U.S. Code)
Source (Statutes at Large)
200307(a) 36:543. Aug. 20, 1954, ch. 774, §§ 10, 11, 13, 68 Stat. 751.
200307(b) 36:541.
200307(c) 36:540(a).
200307(d) 36:540(b).
In subsection (a), the words "any shares of" are omitted as unnecessary.
In subsection (c), the words "inure to the benefit of" are substituted for "inure to" for consistency in the revised title. The words "This subsection does not prevent" are substituted for "Nothing in this subsection, however, shall be construed to prevent" for consistency in the revised title and to eliminate unnecessary words.
In subsection (d), the words "or advance" are added in 2 places for consistency in the subsection.
Contents:
Chicago: "U.S. Congress, Office of the Law Revision Counsel", "§ 200307. Restrictions," U.S. Code, Title 36, Patriotic Societies and Observances in U.S. Code, Title 36, Patriotic Societies and Observances (Washington, D.C.: Government Printing Office, 2002), Original Sources, accessed April 20, 2024, http://www.originalsources.com/Document.aspx?DocID=3U9UTZTS155ZPNG.
MLA: "U.S. Congress, Office of the Law Revision Counsel". "§ 200307. Restrictions." U.S. Code, Title 36, Patriotic Societies and Observances, in U.S. Code, Title 36, Patriotic Societies and Observances, Washington, D.C., Government Printing Office, 2002, Original Sources. 20 Apr. 2024. http://www.originalsources.com/Document.aspx?DocID=3U9UTZTS155ZPNG.
Harvard: "U.S. Congress, Office of the Law Revision Counsel", '§ 200307. Restrictions' in U.S. Code, Title 36, Patriotic Societies and Observances. cited in 2002, U.S. Code, Title 36, Patriotic Societies and Observances, Government Printing Office, Washington, D.C.. Original Sources, retrieved 20 April 2024, from http://www.originalsources.com/Document.aspx?DocID=3U9UTZTS155ZPNG.
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