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U.S Code last checked for updates: Nov 22, 2024
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Title 36
Subtitle II
Part B
Chapter 1523
§ 152306. Exclusive right to nam...
§ 152308. Principal office...
§ 152306. Exclusive right to nam...
§ 152308. Principal office...
U.S. Code
Notes
§ 152307.
Restrictions
(a)
Profit
.—
The corporation may not engage in business for profit.
(b)
Stock and Dividends
.—
The corporation may not issue stock or declare or pay a dividend.
(c)
Political Activities
.—
The corporation or a director, officer, or member 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 director, officer, or member except on dissolution or final liquidation of the corporation.
(e)
Loans
.—
The corporation may not make a loan to a director, officer, or employee. Directors who vote for or assent to making a loan to a director, officer, or employee, and officers who participate in making the loan, are jointly and severally liable to the corporation for the amount of the loan until it is repaid.
(
Pub. L. 105–225
,
Aug. 12, 1998
,
112 Stat. 1413
.)
cite as:
36 USC 152307
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