36 U.S.C. § 70507 — Restrictions

FEDERAL · 36 U.S.C. · Chapter 705

Restrictions

Current through Pub. L. 119-102

Title 36 — Patriotic and National Observances·Ch. 705 — THE FOUNDATION OF THE FEDERAL BAR ASSOCIATION

(a)Stock and Dividends.—The corporation may not issue stock or declare or pay a dividend.

(b)Political Activities.—

(1)In general.—The activities, funds, income, and property of the corporation may not be used to carry on political activity or attempt to influence legislation.

(2)No contribution, support, or participation.—The corporation or a director or officer in the corporate capacity of the director of 1 officer may not contribute to, support, or participate in any political activity or in any manner attempt to influence legislation.

(c)Distribution of Income or Assets.—

(1)In general.—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 subsectio

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(a) Stock and Dividends.—The corporation may not issue stock or declare or pay a dividend.
(b) Political Activities.—
(1) In general.—The activities, funds, income, and property of the corporation may not be used to carry on political activity or attempt to influence legislation.
(2) No contribution, support, or participation.—The corporation or a director or officer in the corporate capacity of the director of 1 officer may not contribute to, support, or participate in any political activity or in any manner attempt to influence legislation.
(c) Distribution of Income or Assets.—
(1) In general.—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, in amounts approved by the board of directors, of—
(A) reasonable compensation; or
(B) reimbursement for expenses incurred in undertaking the corporation's business, to officers, directors, or members.
(2) Rule of construction.—This subsection shall not be construed to—
(A) prevent the award of a grant to a Federal Bar Association chapter of which an officer, director, or member may be a member; or
(B) prevent the payment of reasonable compensation to the corporation's employees for services undertaken on behalf of the corporation.
(d) Loans.—The corporation may not make a loan to a director, officer, member, or employee.
(e) Immunity From Liability.—Members and private individuals are not liable for the obligations of the corporation.
(f) Claim of Governmental Approval or Authority.—The corporation—
(1) may not claim congressional approval or the authority of the United States Government for any of its activities; and
(2) may acknowledge this charter.

36 U.S.C. § 70507 (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. 1353; Pub. L. 119–57, §5, Dec. 12, 2025, 139 Stat. 711.)

Editorial Notes

In subsection (a), the words "any shares of" are omitted as unnecessary.
In subsection (b)(1), the words "directly or indirectly" are omitted as unnecessary.
In subsection (c), the word "income" is substituted for "net earnings" for consistency in the revised title.
In subsection (d), the words "or advance" are added in 2 places for consistency in the subsection.

Editorial Notes

Amendments
2025—Pub. L. 119–57 amended section generally. Prior to amendment, section set out restrictions on the corporation relating to stock and dividends, political activities, distribution of income, and loans and provided for immunity from liability.