36 U.S. Code § 153507 - Restrictions

(a) Stock and Dividends.— The corporation may not issue stock or declare or pay a dividend.
(b) Political Activities.— The corporation or a trustee or officer as such may not contribute to, support, or assist a political party or candidate for elective public office.
(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 trustee, officer, or member during the life of the corporation or on its dissolution or final liquidation. 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 trustees.
(d) Loans.— The corporation may not make a loan to a trustee, officer, or employee. Trustees who vote for or assent to making a loan to a trustee, officer, or employee, and officers who participate in making the loan, are jointly and severally liable to the corporation for the amount of the loan until it is repaid.

Source

(Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1426.)

Historical and Revision Notes
Revised Section Source (U.S. Code) Source (Statutes at Large)
153507(a)
36:4612.
Aug. 19, 1964, Pub. L. 88–449, §§ 12, 13, 15, 78 Stat. 499.
153507(b)
36:4615.
153507(c)
36:4613(a).
153507(d)
36:4613(b).

In subsection (a), the words “shares of” are omitted as unnecessary.
In subsection (c), the words “inure to the benefit of” are substituted for “inure to” for consistency in the revised title.

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.

36 USCDescription of ChangeSession YearPublic LawStatutes at Large

 

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