§130107 — Title 36 Patriotic and National Observances | U.S. Code

Summary

The corporation cannot create stock or pay out dividends. It and its officers or agents cannot give money to political parties or candidates. The corporation’s money and property cannot go to officers or members now or when it closes, except for pay or repayment of real, necessary expenses if the council of administration approves the amounts. The corporation may not lend money to its officers or employees; any council members who approve such a loan and any officers who help make it are each responsible for the full amount until it is paid back.

Title 36, §130107

Patriotic and National Observances — Source: USLM XML via OLRC

(a)The corporation may not issue stock or declare or pay a dividend.

(b)The corporation or an officer or agent as such may not contribute to a political party or candidate for public office.

(c)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)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.

Notes & Related Subsidiaries

Historical and Revision Notes

Revised SectionSource (U.S. Code)Source (Statutes at Large) 130107(a)36:78k.June 17, 1959, Pub. L. 86–47, §§ 9, 10, 12, 73 Stat. 78, 79. 130107(b)36:78i. 130107(c)36:78h(a). 130107(d)36:78h(b). In subsection (a), the words “any shares of” are omitted as unnecessary. In subsections (c) and (d), the reference to the “council of administration” is retained although there is no council of administration created by 36:78e or 36:78f. 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.

§130107 Restrictions

Summary

Title 36, §130107

Notes & Related Subsidiaries

Historical and Revision Notes

Citations & Metadata