Title 36 — Patriotic and National Observances, Ceremonies, and Organizations
Part B · Chapter 307 — Board for Fundamental Education
§ 30707. Restrictions
Statutory text
Profit.—
The corporation may not engage in business for profit.
Stock and Dividends.—
The corporation may not issue stock or declare or pay a dividend.
Political Activities.—
The corporation or a director, officer, or member as such may not contribute to, support, or assist a political party or candidate for elective public office.
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 except on dissolution or final liquidation of the corporation.
Loans.—
The corporation may not make a loan to a director, officer, or employee. Directors who vote for or assent to making a loan to a director, officer, or employee, and officers who participate in making the loan, are jointly and severally liable to the corporation for the amount of the loan until it is repaid.
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.
Pub. L. 105–225 · 112 Stat. 1253
Enacted · 36 U.S.C. § 30707
(Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1323.)
Source evidence
Code source credit
(Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1323.)
0 of 1 references resolved to an enrolled provision · 1 partial
Notes
historicalAndRevision
| Historical and Revision Notes | ||
|---|---|---|
| RevisedSection | Source (U.S. Code) | Source (Statutes at Large) |
| 30707(a) | 36:512 (words after comma). | July 19, 1954, ch. 536, §§ 9, 10, 12, 68 Stat. 491. |
| 30707(b) | 36:512 (words before comma). | |
| 30707(c) | 36:510. | |
| 30707(d) | 36:509(a). | |
| 30707(e) | 36:509(b). | |
In subsection (a), the word “pecuniary” is omitted as unnecessary.
In subsection (b), the words “any shares of” are omitted as unnecessary.
In subsection (d), the words “inure to the benefit of” are substituted for “inure to” for consistency in the revised title. The words “as provided in section 515 of this title” are omitted as unnecessary.