Title 36 of the U.S. Code § 150508 - Restrictions

Full text of § 150508 from Title 36 of the United States Code.

§ 150508. Restrictions

(a) Stock and Dividends.—The corporation may not issue stock or declare or pay a dividend.

(b) Political Activities.—The corporation or an officer or member as such may not contribute to, support, or assist a political party or candidate for elective public office. The corporation may not carry on propaganda.

(c) Distribution of Income or Assets.—The income or assets of the corporation may not inure to the benefit of, or be distributed to, an officer or member except on dissolution or final liquidation of the corporation.

(d) Loans.—The corporation may not make a loan or advance to an officer or member of the board of representatives. Officers and members of the board who vote for or assent to making a loan or advance to an officer or member of the board, and officers or members of the board 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. 1390.)

Historical and Revision Notes
Revised Section	Source (U.S. Code)	Source (Statutes at Large)
150508(a)	36:414.	Apr. 3, 1952, ch. 131, §§9–11, 14, 15, 66 Stat. 40.
150508(b)	36:410. 36:411.
150508(c)	36:409.
150508(d)	36:415.

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

In subsection (b), the words "The corporation may not" are substituted for "No part of the activities of the corporation shall consist of" to eliminate unnecessary words.

In subsection (c), the words "inure to the benefit of" are substituted for "inure" for consistency in the revised title. The words "as provided in section 417 of this title" are omitted as unnecessary.

In subsection (d), the words "or advance" are added in 2 places for consistency in the subsection.

About This Section

36 U.S.C. § 150508 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.

This section may be cited in legal writing as 36 U.S.C. § 150508. For the most current official text, including any recent amendments, use the official source links below. Do not rely on this page as the sole authority for legal citation or litigation.

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