36 U.S. Code § 210106 - Restrictions

(a) Exclusively Educational Purposes.— The corporation shall be operated exclusively for educational purposes.
(b) Stocks and Dividends.— The corporation may not issue stock or declare or pay a dividend.
(c) Distributions of Income or Assets.— The income or assets of the corporation may not inure to the benefit of any member or individual.

Source

(Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1456.)

Historical and Revision Notes
Revised Section Source (U.S. Code) Source (Statutes at Large)
210106
36:4705.
May 31, 1920, ch. 216, § 5, 41 Stat. 693.

In subsection (a), the words “is organized and” are omitted as executed and obsolete.
In subsection (b), the words “certificates of” are omitted as unnecessary.
In subsection (c), the words “income or assets” are substituted for “earnings, income, or funds” 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

 

LII has no control over and does not endorse any external Internet site that contains links to or references LII.