Current as of January 01, 2018 | Updated by FindLaw Staff
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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.
Cite this article: FindLaw.com - 20 U.S.C. § 4419 - U.S. Code - Unannotated Title 20. Education § 4419. Nonprofit and nonpolitical nature of Institute - last updated January 01, 2018 | https://codes.findlaw.com/us/title-20-education/20-usc-sect-4419/
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