36 U.S.C. § 140506 — Restrictions

FEDERAL · 36 U.S.C. · Chapter 1405

Restrictions

Current through Pub. L. 119-102

Title 36 — Patriotic and National Observances·Ch. 1405 — MILITARY ORDER OF THE PURPLE HEART OF THE UNITED STATES OF AMERICA, INCORPORATED

(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 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, a director, officer, or member except on dissolution or final liquidation of the corporation. This subsection does not prevent the payment of compensation to an officer in an amount approved by the executive committee of the corporation.

(d)Loans.—The corporation may not make a loan to a director, officer, or employee. Directors who vote for or assent to making a loan to a director, officer, or employee,

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(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 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, a director, officer, or member except on dissolution or final liquidation of the corporation. This subsection does not prevent the payment of compensation to an officer in an amount approved by the executive committee of the corporation.
(d) Loans.—The corporation may not make a loan to a director, officer, or employee. Directors who vote for or assent to making a loan to a director, officer, or employee, and officers who participate in making the loan, are jointly and severally liable to the corporation for the amount of the loan until it is repaid.

36 U.S.C. § 140506 (Restrictions) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Source Credit

History

(Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1383.)

Editorial Notes

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 "as provided in section 835 of this title" are omitted as unnecessary.