36 USC 40107: Restrictions
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36 USC 40107: Restrictions Text contains those laws in effect on November 21, 2024
From Title 36-PATRIOTIC AND NATIONAL OBSERVANCES, CEREMONIES, AND ORGANIZATIONSSubtitle II-Patriotic and National OrganizationsPart B-OrganizationsCHAPTER 401-CATHOLIC WAR VETERANS OF THE UNITED STATES OF AMERICA, INCORPORATED
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§40107. 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 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.

(c) Loans.-The corporation may not make a loan to a director, officer, or employee.

(d) Claim of Governmental Approval or Authorization.-The corporation may not claim congressional approval or the authority of the United States Government for any of its activities.

( Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1330 .)

Historical and Revision Notes
Revised

Section

Source (U.S. Code)Source (Statutes at Large)
40107 36:2608. 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.