Us Code § 220507 - Restrictions
Full text of Us Code United States Code § 220507 — Restrictions, with citation guidance and answers to common questions.
§ 220507. Restrictions
(a)
(b)
(c)
(d)
(1) not to disperse bonus or severance pay to any individual named as a subject of an ethics investigation by the ethics committee of the corporation, until such individual is cleared of wrongdoing by such investigation; and
(2) that provides that—
(A) if the ethics committee determines that an individual has violated the policies of the corporation—
(i) the individual is no longer entitled to bonus or severance pay previously withheld; and
(ii) the compensation committee of the corporation may reduce or cancel the withheld bonus or severance pay; and
(B) in the case of an individual who is the subject of a criminal investigation, the ethics committee shall investigate the individual.
(Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1470; Pub. L. 116–189, §6(d)(1), (2)(A), Oct. 30, 2020, 134 Stat. 949.)
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 220507(a) | 36:378. | Sept. 21, 1950, ch. 975, title I, §§107, 108, as added Nov. 8, 1978, Pub. L. 95–606, §1(b), 92 Stat. 3048. |
| 220507(b) | 36:377. |
In subsection (a), the words "may not" are substituted for "shall have no power to" for consistency in the revised title. The words "capital", "pecuniary", and "or gain" are omitted as unnecessary.
In subsection (b), the words "as an organization" are omitted as unnecessary.
Editorial Notes
Amendments
2020—Subsec. (c). Pub. L. 116–189, §6(d)(1), added subsec. (c).
Subsec. (d). Pub. L. 116–189, §6(d)(2)(A), added subsec. (d).
Statutory Notes and Related Subsidiaries
Applicability
Pub. L. 116–189, §6(d)(2)(B), Oct. 30, 2020, 134 Stat. 950, provided that: "The amendment made by subparagraph (A) [amending this section] shall not apply to any term of employment for the disbursement of bonus or severance pay that is in effect as of the day before the date of the enactment of this Act [Oct. 30, 2020]."
About This Section
36 U.S.C. § 220507 is part of Title 36 of the United States Code. The United States Code is the official codification of federal statutes maintained by the Office of the Law Revision Counsel of the U.S. House of Representatives. Congress amends the Code through new public laws, which are eventually incorporated into the relevant title.
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