(a) Stock and Dividends.— The corporation may not issue stock or declare or pay a dividend.
(b) Political Activities.— The corporation or an officer or member as such may not contribute to, support, or assist a political party or candidate for elective public office. The corporation may not carry on propaganda.
(c) Distribution of Income or Assets.— The income or assets of the corporation may not inure to the benefit of, or be distributed to, an officer or member except on dissolution or final liquidation of the corporation.
(d) Loans.— The corporation may not make a loan or advance to an officer or member of the board of representatives. Officers and members of the board who vote for or assent to making a loan or advance to an officer or member of the board, and officers or members of the board who participate in making the loan or advance, are jointly and severally liable to the corporation for the amount of the loan or advance until it is repaid.
In subsection (a), the words “any shares of” are omitted as unnecessary.
In subsection (b), the words “The corporation may not” are substituted for “No part of the activities of the corporation shall consist of” to eliminate unnecessary words.
In subsection (c), the words “inure to the benefit of” are substituted for “inure” for consistency in the revised title. The words “as provided in section
417 of this title” are omitted as unnecessary.
In subsection (d), the words “or advance” are added in 2 places for consistency in the subsection.
The table below lists the classification updates, since Jan. 3, 2012, for this section. Updates to a broader range of sections may be found at the update page for containing chapter, title, etc.
The most recent Classification Table update that we have noticed was Tuesday, August 13, 2013
An empty table indicates that we see no relevant changes listed in the classification tables. If you suspect that our system may be missing something, please double-check with the Office of the Law Revision Counsel.
Description of Change
Statutes at Large
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