36 U.S. Code § 140707 - Restrictions
(b) Distribution of Income or Assets.— The income or assets of the corporation may not inure to the benefit of, or be distributed to, a director, officer, or member during the life of the charter granted by this chapter. 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 directors.
Source(Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1385.)
|Revised Section||Source (U.S. Code)||Source (Statutes at Large)|
|Oct. 23, 1992, Pub. L. 102–484, title XVIII, § 1809, 106 Stat. 2582.|
In subsection (a), the words “any shares of” are omitted as unnecessary.
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