FEDERAL · 36 U.S.C. · Chapter 1504
Restrictions
Current through Pub. L. 119-102
Title 36 — Patriotic and National Observances·Ch. 1504 — NATIONAL AMERICAN INDIAN VETERANS, INCORPORATED
(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
Free access — add to your briefcase to read the full text and ask questions with AI
36 U.S.C. § 150409 (Restrictions) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Source Credit
History
(Added Pub. L. 118–31, div. E, title LI, §5103(a), Dec. 22, 2023, 137 Stat. 937.)