U.S. CODE
Rulings
AD/CVD
Notices
HTSUS
U.S. Code
Regs
More
Ports
About
Updates
Apps
Larger font
Smaller font
CustomsMobile Pro
beta now open!
Apply for a FREE beta account. Spaces are limited so apply today.
SIGNUP FOR BETA
SEARCH
Toggle Dropdown
Search US Code
Search Leg. Notes
Sort by Rank
Titles Ascending
Titles Descending
10 per page
25 Result/page
50 Result/page
U.S Code last checked for updates: Nov 22, 2024
All Titles
Title 36
Subtitle II
Part B
Chapter 2203
§ 220307. Tax exemption...
§ 220309. Duty to maintain corpo...
§ 220307. Tax exemption...
§ 220309. Duty to maintain corpo...
U.S. Code
Notes
§ 220308.
Restrictions
(a)
Stock and Dividends
.—
The corporation may not issue stock or declare or pay a dividend.
(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 trustee, officer, or member as such during the life of the corporation or on its dissolution or final liquidation. This subsection does not prevent the payment of reasonable compensation to an officer or employee or reimbursement for actual expenses in amounts approved by the board of trustees.
(c)
Loans
.—
The corporation may not make a loan or advance to a trustee, officer, or employee. Trustees who vote for or assent to making a loan or advance to a trustee, officer, or employee, 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.
(
Pub. L. 105–225
,
Aug. 12, 1998
,
112 Stat. 1464
.)
cite as:
36 USC 220308
.list_box li,p,.cm-search-info,.cm-search-detail,.abt span,.expand-collapse_top
Get the CustomsMobile app!