36 U.S. Code § 40107 - 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 employee in an amount approved by the board of directors.
Source(Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1330.)
|Revised Section||Source (U.S. Code)||Source (Statutes at Large)|
|Aug. 17, 1984, Pub. L. 98–382, § 8, 98 Stat. 1344.|
In subsection (a), the words “any shares of” are omitted as unnecessary.
In subsection (b), the words “inure to the benefit of” are substituted for “inure to” for consistency in the revised title.
LII has no control over and does not endorse any external Internet site that contains links to or references LII.