(a) Profit.— The corporation may not operate for profit.
(b) Stock and Dividends.— The corporation may not issue stock or declare or pay a dividend.
(c) Political Activities.— The corporation or an officer or member of the executive council as such may not contribute to, support, or assist a political party or candidate for elective public office.
(d) Distribution of Income or Assets.— The income or assets of the corporation may not inure to the benefit of, or be distributed to, a member of the corporation or an officer or member of the executive council, except on the dissolution or final liquidation of the corporation.
(e) Loans.— The corporation may not make a loan or advance to an officer or member of the executive council. Members of the council who vote for or assent to making a loan or advance to an officer or member of the council, and officers 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.
36:347 (1st sentence words after 2d comma, last sentence).
In subsection (b), the words “shares of” 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.