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36 U.S.C. § 70507 - U.S. Code - Unannotated Title 36. Patriotic and National Observances, Ceremonies, and Organizations § 70507. Restrictions

Current as of January 01, 2024 | Updated by Findlaw Staff

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

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

(2) The corporation or a director or officer as such may not contribute to, support, or assist a political party or candidate for elective public office.

(c) Distribution of income.--The income of the corporation may not inure to the benefit of a director, officer, member, or private individual.

(d) Loans.--The corporation may not make a loan or advance to a director or officer. Directors and officers who vote for, assent to, or participate in making a loan or advance to a director or officer are jointly and severally liable to the corporation for the amount of the loan or advance until it is repaid.

(e) Immunity from liability.--Members and private individuals are not liable for the obligations of the corporation.

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Cite this article: FindLaw.com - 36 U.S.C. § 70507 - U.S. Code - Unannotated Title 36. Patriotic and National Observances, Ceremonies, and Organizations § 70507. Restrictions - last updated January 01, 2024 | https://codes.findlaw.com/us/title-36-patriotic-and-national-observances-ceremonies-and-organizations/36-usc-sect-70507/

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