§ 4419. Nonprofit and nonpolitical nature of Institute

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(a)Stock The Institute shall have no power to issue any shares of stock or to declare or pay any dividends.

(b)Nonprofit nature No part of the income or assets of the Institute shall inure to the benefit of any director, officer, employee, or any other individual except as salary or reasonable compensation for services.

(c)Nonpolitical nature The Institute may not contribute to, or otherwise support, any political party or candidate for elective public office.

(Pub. L. 99–498, title XV, § 1512, Oct. 17, 1986, 100 Stat. 1607.)

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Public Law 99–498
To reauthorize and revise the Higher Education Act of 1965, and for other purposes

statute-compilations

Sec. 1512
NONPROFIT AND NONPOLITICAL NATURE OF THE INSTITUTE

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Pub. L. 99–498, title XV, § 1512
100 Stat. 1607

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§ 4419

Nonprofit and nonpolitical nature of Institute

Stat. Comp.×1

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Pub. L.Pub. L. 99–498, title XV, § 1512

Stat.100 Stat. 1607

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