FEDERAL · 36 U.S.C. · Chapter 1504
Restrictions
36 U.S.C. § 150409
Title36 — Patriotic and National Observances
Chapter1504 — NATIONAL AMERICAN INDIAN VETERANS, INCORPORATED
This text of 36 U.S.C. § 150409 (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. § 150409.
Text
(a)Stock and Dividends.—The corporation may not—
(1)issue any shares of stock; or
(2)declare or pay any dividends.
(b)Distribution of Income or Assets.—
(1)In general.—The income or assets of the corporation may not—
(A)inure to any person who is a member, officer, or director of the corporation; or
(B)be distributed to any such person during the life of the charter granted by this chapter.
(2)Effect.—Nothing in this subsection prevents the payment of reasonable compensation to the officers of the corporation, or reimbursement for actual and necessary expenses, in amounts approved by the board of directors.
(c)Loans.—The corporation may not make any loan to any officer, director, member, or employee of the corporation.
(d)No Federal Endorsement.—The corporation may not claim cong
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History
(Added Pub. L. 118–31, div. E, title LI, §5103(a), Dec. 22, 2023, 137 Stat. 937.)
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Bluebook (online)
36 U.S.C. § 150409, Counsel Stack Legal Research, https://law.counselstack.com/usc/36/150409.