FEDERAL · 36 U.S.C. · Chapter 2101
Restrictions
Current through Pub. L. 119-102
(a)Exclusively Educational Purposes.—The corporation shall be operated exclusively for educational purposes.
(b)Stocks and Dividends.—The corporation may not issue stock or declare or pay a dividend.
(c)Distributions of Income or Assets.—The income or assets of the corporation may not inure to the benefit of any member or individual.
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Source Credit
History
(Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1456.)
Editorial Notes
In subsection (a), the words "is organized and" are omitted as executed and obsolete.
In subsection (b), the words "certificates of" are omitted as unnecessary.
In subsection (c), the words "income or assets" are substituted for "earnings, income, or funds" for consistency in the revised title.
In subsection (b), the words "certificates of" are omitted as unnecessary.
In subsection (c), the words "income or assets" are substituted for "earnings, income, or funds" for consistency in the revised title.