(a) Profit.— The corporation may not engage in business activity for profit unless the activity is substantially related to—
(1)the purposes stated in section
220102 of this title; or
(2)raising funds to accomplish those purposes.
(b) Stock and Dividends.— The corporation may not issue stock or declare or pay a dividend.
(c) Political Activities.— The corporation shall be nonpolitical and may not provide financial aid or assistance to, or otherwise promote the candidacy of, an individual seeking elective public office. A substantial part of the activities of the corporation may not involve carrying on propaganda or otherwise attempting to influence legislation.
(d) Distribution of Income or Assets.— The income or assets of the corporation may not inure to the benefit of a governor, officer, member, or employee or be distributed to any person 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, employee, or other person or reimbursement for actual necessary expenses in amounts approved by the board of governors.
(e) Loans.— The corporation may not make a loan to a governor, officer, member, or employee.
In subsection (a), before clause (1), the word “pecuniary” is omitted as unnecessary.
In subsection (b), the words “any shares of capital” are omitted as unnecessary.
In subsection (c), the words “as an organization” are omitted as unnecessary.
In subsection (d) 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.
Description of Change
Statutes at Large
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