36 USC § 70507 - Restrictions | Title 36 - Patriotic and National Observances, Ceremonies, and Organizations | U.S. Code

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Current through Pub. L. 113-99. (See Public Laws for the current Congress.)

(a) Stock and Dividends.— The corporation may not issue stock or declare or pay a dividend.

(b) Political Activities.—

(1) The activities, funds, income, and property of the corporation may not be used to carry on political activity or attempt to influence legislation.

(2) The corporation or a director or officer as such may not contribute to, support, or assist a political party or candidate for elective public office.

(c) Distribution of Income.— The income of the corporation may not inure to the benefit of a director, officer, member, or private individual.

(d) Loans.— The corporation may not make a loan or advance to a director or officer. Directors and officers who vote for, assent to, or participate in making a loan or advance to a director or officer are jointly and severally liable to the corporation for the amount of the loan or advance until it is repaid.

(e) Immunity From Liability.— Members and private individuals are not liable for the obligations of the corporation.

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(a) Stock and Dividends.— The corporation may not issue stock or declare or pay a dividend.

(b) Political Activities.—

(1) The activities, funds, income, and property of the corporation may not be used to carry on political activity or attempt to influence legislation.

(2) The corporation or a director or officer as such may not contribute to, support, or assist a political party or candidate for elective public office.

(c) Distribution of Income.— The income of the corporation may not inure to the benefit of a director, officer, member, or private individual.

(d) Loans.— The corporation may not make a loan or advance to a director or officer. Directors and officers who vote for, assent to, or participate in making a loan or advance to a director or officer are jointly and severally liable to the corporation for the amount of the loan or advance until it is repaid.

(e) Immunity From Liability.— Members and private individuals are not liable for the obligations of the corporation.

Source

(Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1353.)

Historical and Revision Notes
Revised Section	Source (U.S. Code)	Source (Statutes at Large)
70507(a)
36:582.
Aug. 24, 1954, ch. 911, §§ 9, 10, 12, 68 Stat. 799.
70507(b)
36:580.

70507(c)
36:579(a) (words before last comma).

70507(d)
36:579(b).

70507(e)
36:579(a) (words after last comma).

In subsection (a), the words “any shares of” are omitted as unnecessary.

In subsection (b)(1), the words “directly or indirectly” are omitted as unnecessary.

In subsection (c), the word “income” is substituted for “net earnings” for consistency in the revised title.

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, May 21, 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.

How To Use

Multiple entries for a section are listed most recent first, within the section.

The Session Year indicates which session of Congress was responsible for the changes classified. The Congress number forms the first part of the Public Law number; each Congress has two sessions.

Abbreviations used in the Description of Change column:

An empty field implies a standard amendment.
"new" means a new section or new note, or all new text of an existing section or note.
"nt" means note.
"nt [tbl]" means note [table].
"prec" means preceding.
"fr" means a transfer from another section.
"to" means a transfer to another section.
"omitted" means the section is omitted.
"repealed" means the section is repealed.
"nt ed change" and "ed change" - See the Editorial Classification Change Table [pdf].

The Public Law field is linked to the development of the law in the Thomas system at the Library of Congress.

The Statutes at Large field is linked to the text of the law, in the context of its volume of the Statutes at Large, at the Government Printing Office. Please note that it takes a while for these pages to get posted, so for very recent legislation, you need to look at the "enrolled" version at the Thomas site.

The Statutes at Large references have been rendered in the format used as page numbers in the Public Law web pages to which we link, to facilitate copy-paste into browser "find on this (web) page" tools. We are still working on a more direct link facility.

For serious comparison work, we suggest copying all or a portion of the Public Law text into your favorite text editor, for convenient content traversal and window control.

Sections with change type "new" are a special case, still under development. All are now listed, at the title level only.

You will find that occassionally a specific update you notice in a Public Law listed in a classification table will already have made it into the Code. We assume this is an artifact of the LRC edit process. The LII does not edit the LRC content.

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General Reference

Refer to the LRC (Law Revision Council) for explanations about the US Code from the folks who put it all together.

You can look for information about what it is and is not, which titles are positive law, the schedule of Supplements, etc. Under download you can find the source data we use here (GPO locator files), as well as, PDF files that look just like the paper books (these may be rather large).

Refer to the Thomas site for changes that have not yet made it into the classification tables.

36 USC	Description of Change	Session Year	Public Law	Statutes at Large

36 USC § 70507 - Restrictions

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