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United States Code (Last Updated: May 24, 2014) |
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Title 36. PATRIOTIC AND NATIONAL OBSERVANCES, CEREMONIES, AND ORGANIZATIONS |
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SubTitle II. Patriotic and National Organizations |
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Part B. Organizations |
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Chapter 701. FLEET RESERVE ASSOCIATION |
§ 70107. Restrictions
Latest version.
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(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 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, employee, or member. (d) Claim of Governmental Approval or Authority.— The corporation may not claim congressional approval or the authority of the United States Government for any of its activities.
Historical And Revision
Historical and Revision Notes | ||
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Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
70107(a) | 36:5608(c). | Sept. 23, 1996, Pub. L. 104–201, title XVIII, § 1808(a)–(d), 110 Stat. 2761. |
70107(b) | 36:5608(a). |
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70107(c) | 36:5608(b). |
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70107(d) | 36:5608(d). |
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In subsection (a), the words “any shares of” are omitted as unnecessary.
In subsection (b), the words “This subsection does not” are substituted for “Nothing in this subsection may be construed to” for consistency in the revised title.
In subsection (d), the words “by virtue of this chapter” are omitted as unnecessary.