36 U.S.C. § 140406 — Restrictions

FEDERAL · 36 U.S.C. · Chapter 1404

Restrictions

36 U.S.C. § 140406

Title36 — Patriotic and National Observances

Chapter1404 — MILITARY OFFICERS ASSOCIATION OF AMERICA

This text of 36 U.S.C. § 140406 (Restrictions) is published on Counsel Stack Legal Research, covering United States primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

36 U.S.C. § 140406.

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 of the corporation during the life of the charter granted by this chapter. This subsection does not prevent the payment of reasonable compensation to an officer or employee of the corporation 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, employee, or member of the corporation.

(d)Claim of Governmental Approval or Authority.—The corporation may not claim congressional approval or the authority of the United States Governme

Free access — add to your briefcase to read the full text and ask questions with AI

(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 of the corporation during the life of the charter granted by this chapter. This subsection does not prevent the payment of reasonable compensation to an officer or employee of the corporation 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, employee, or member of the corporation.
(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.
(e) Corporate Status.—The corporation shall maintain its status as a corporation incorporated under the laws of the Commonwealth of Virginia.

Source Credit

History

(Added Pub. L. 111–95, §1(a), Nov. 6, 2009, 123 Stat. 3002.)

Cite This Page — Counsel Stack

Bluebook (online)

36 U.S.C. § 140406, Counsel Stack Legal Research, https://law.counselstack.com/usc/36/140406.