FEDERAL · 36 U.S.C. · Chapter 1407
Restrictions
36 U.S.C. § 140707
Title36 — Patriotic and National Observances
Chapter1407 — MILITARY ORDER OF THE WORLD WARS
This text of 36 U.S.C. § 140707 (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. § 140707.
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 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.
(c)Loans.—The corporation may not make a loan to a director, officer, or employee.
(d)Claim of Governmental Approval or Authorization.—The corporation may not claim congressional approval or the authority of the United States Government for any of its activities.
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Source Credit
History
(Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1385.)
Editorial Notes
In subsection (a), the words "any shares of" are omitted as unnecessary.
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Bluebook (online)
36 U.S.C. § 140707, Counsel Stack Legal Research, https://law.counselstack.com/usc/36/140707.