§80507 — Title 36 Patriotic and National Observances | U.S. Code

Summary

The corporation must not issue stock or pay dividends. It also must not take part in political activity or try to influence laws. The corporation’s money and property cannot be given to or shared with a director, officer, or member while the charter lasts. The board can approve reasonable pay for an officer and repay actual necessary expenses. The corporation also must not make loans to any director, officer, or employee.

Title 36, §80507

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 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)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)The corporation may not make a loan to any director, officer, or employee.

Notes & Related Subsidiaries

Historical and Revision Notes

Revised SectionSource (U.S. Code)Source (Statutes at Large) 80507(a)36:1608(d).Dec. 4, 1980, Pub. L. 96–497, § 8, 94 Stat. 2596. 80507(b)36:1608(c). 80507(c)36:1608(a). 80507(d)36:1608(b). In subsection (a), the words “any shares of” are omitted as unnecessary. In subsection (b), the words “as such” are substituted for “acting as such officer or director” for consistency in the revised title. In subsection (c), the words “inure to the benefit of” are substituted for “inure to” for consistency in the revised title.

§80507 Restrictions

Summary

Title 36, §80507

Notes & Related Subsidiaries

Historical and Revision Notes

Citations & Metadata