Restrictions

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  2. USC 36
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§140707. 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 reimbursement for actual necessary expenses in amounts 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. 1385 .)

Historical and Revision Notes
Revised

Section

Source (U.S. Code)Source (Statutes at Large)
140707(a) 36:5009(c). Oct. 23, 1992, Pub. L. 102–484, title XVIII, §1809, 106 Stat. 2582 .
140707(b) 36:5009(a).  
140707(c) 36:5009(b).  
140707(d) 36:5009(d).  

In subsection (a), the words "any shares of" are omitted as unnecessary.


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