36 U.S.C. § 154107 — Restrictions

FEDERAL · 36 U.S.C. · Chapter 1541

Restrictions

Current through Pub. L. 119-102

Title 36 — Patriotic and National Observances·Ch. 1541 — NAVAL SEA CADET CORPS

(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 during the life of the corporation or on its dissolution or final liquidation. This subsection does not prevent the payment of compensation to an officer in an amount approved by the board of directors.

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

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

36 U.S.C. § 154107 (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. 1433.)

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.
In subsection (d), the words "or advance" are added in 2 places for consistency in the subsection.