Title 20 — Education
Chapter 56 — American Indian, Alaska Native, and Native Hawaiian Culture and Art Development
§ 4419. Nonprofit and nonpolitical nature of Institute
Statutory text
Stock
The Institute shall have no power to issue any shares of stock or to declare or pay any dividends.
Nonprofit nature
No part of the income or assets of the Institute shall inure to the benefit of any director, officer, employee, or any other individual except as salary or reasonable compensation for services.
Nonpolitical nature
The Institute may not contribute to, or otherwise support, any political party or candidate for elective public office.
Legislative history
Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.
American Indian, Alaska Native, and Native Hawaiian Culture and Art Development Act
Pub. L. 99–498 title XV § 1512 · 100 Stat. 1268
Enacted · 20 U.S.C. § 4419
(Pub. L. 99–498, title XV, § 1512, Oct. 17, 1986, 100 Stat. 1607.)
Source evidence
Code source credit
(Pub. L. 99–498, title XV, § 1512, Oct. 17, 1986, 100 Stat. 1607.)Enacted provision · exact public law section
SEC. 1512. NONPROFIT AND NONPOLITICAL NATURE OF THE INSTITUTE. (a) Stock.— The Institute shall have no power to issue any shares of stock or to declare or pay any dividends. (b) Nonprofit Nature.— No part of the income or assets of the Institute shall inure to the benefit of any director, officer, employee, or any other individual except as salary or reasonable compensation for services. (c) Nonpolitical Nature.— The Institute may not contribute to, or otherwise support, any political party or candidate for elective public office.
1 of 1 references resolved to an enrolled provision