§ 50107. Restrictions
183 words·~1 min read·
/usc/title-36/section-50107A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(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 participate in any political activity or in any manner attempt to influence legislation.
(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 charter granted by this chapter. This subsection does not prevent the payment of reasonable compensation to an officer or reimbursement for actual necessary expenses in amounts approved by the board of directors.
(d)Loans.— The corporation may not make a loan to a director, officer, or employee.
(e)Claim of Governmental Approval or Authorization.— The corporation may not claim congressional approval or the authority of the United States Government for any of its activities.
(Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1342.)
This subsection is substituted for the source provisions for consistency in the revised title and to eliminate unnecessary words.
Connections2 off-index
2 references not yet in our index
- Pub. L. 105–225
- 112 Stat. 1342
Citation graph
cites case law
§ 50107
Restrictions
Pub. L.Pub. L. 105–225
Stat.112 Stat. 1342
Cites 2Cited by 0 across 0 sources