§ 210106. Restrictions
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/usc/title-36/section-210106A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(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.
(Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1456.)
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.
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- Pub. L. 105–225
- 112 Stat. 1456
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§ 210106
Restrictions
Pub. L.Pub. L. 105–225
Stat.112 Stat. 1456
Cites 2Cited by 0 across 0 sources