§ 70908. Restrictions

Statutory text

Stock and Dividends.—

The FFA may not issue stock or declare or pay a dividend.

Political Activities.—

The FFA or a director, officer, or member acting on behalf of the FFA 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 FFA may not inure to the benefit of, or be distributed to, a director, officer, or member, except on dissolution or final liquidation of the FFA.

Loans.—

The FFA 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.

Prizes, Awards, Grants, or Loans to Student Officers and Members Meeting Criteria.—

This section does not preclude prizes, awards, grants, or loans to student officers and members meeting the criteria established by the board of directors for selecting recipients of those benefits.

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.

1998
Pub. L. 105–225 · 112 Stat. 1253
Enacted · 36 U.S.C. § 70908
Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1358
Source evidence
Code source credit
Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1358
2019
National FFA Organization’s Federal Charter Amendments Act
Pub. L. 116–7 § 9(1) · 133 Stat. 478
Substituted · 36 U.S.C. § 70908(a)
Pub. L. 116–7, § 9(1), substituted “FFA” for “corporation”
Source evidence
Code amendment note
Subsec. (a). Pub. L. 116–7, § 9(1), substituted “FFA” for “corporation”.
Enacted provision · exact public law section
(1) in subsection (a), by striking “corporation” and inserting “FFA”;
2019
National FFA Organization’s Federal Charter Amendments Act
Pub. L. 116–7 § 9(2) · 133 Stat. 478
Substituted · 36 U.S.C. § 70908(b)
Pub. L. 116–7, § 9(2), substituted “FFA or a director, officer, or member acting on behalf of the FFA” for “corporation or a director, officer, or member as such”
Source evidence
Code amendment note
Subsec. (b). Pub. L. 116–7, § 9(2), substituted “FFA or a director, officer, or member acting on behalf of the FFA” for “corporation or a director, officer, or member as such”.
Enacted provision · exact public law section
(2) in subsection (b), by striking “corporation or a director, officer, or member as such” and inserting “FFA or a director, officer, or member acting on behalf of the FFA”;
2019
National FFA Organization’s Federal Charter Amendments Act
Pub. L. 116–7 § 9(3) · 133 Stat. 478
Substituted · 36 U.S.C. § 70908(c)
Pub. L. 116–7, § 9(3), substituted “FFA” for “corporation” in two places
Source evidence
Code amendment note
Subsec. (c). Pub. L. 116–7, § 9(3), substituted “FFA” for “corporation” in two places.
Enacted provision · exact public law section
(3) in subsection (c), by striking “corporation” and inserting “FFA” each place the term appears; and
2019
National FFA Organization’s Federal Charter Amendments Act
Pub. L. 116–7 § 9(4) · 133 Stat. 478
Substituted · 36 U.S.C. § 70908(d)
Pub. L. 116–7, § 9(4), substituted “FFA” for “corporation” in first sentence
Source evidence
Code amendment note
Subsec. (d). Pub. L. 116–7, § 9(4), substituted “FFA” for “corporation” in first sentence.
Enacted provision · exact public law section
(4) in subsection (d), in the first sentence, by striking “corporation” and inserting “FFA”.

4 of 5 references resolved to an enrolled provision · 1 partial

Notes

historicalAndRevision

Historical and Revision Notes
RevisedSection	Source (U.S. Code)	Source (Statutes at Large)
70908(a)	36:282.	Aug. 30, 1950, ch. 823, §§ 9, 10, 12, 64 Stat. 566.
70908(b)	36:280.
70908(c)	36:279(a).
70908(d)	36:279(b).
70908(e)	36:279(c).

In subsection (a), the words “any shares or” and “its objects and purposes being solely educational” are omitted as unnecessary and for consistency in the revised title.

In subsection (c), the words “inure to the benefit of” are substituted for “inure to” for consistency in the revised title. The words “as provided in section 285 of this title” are omitted as unnecessary.

Editorial Notes

Amendments

2019—Subsec. (a). Pub. L. 116–7, § 9(1), substituted “FFA” for “corporation”.

Subsec. (b). Pub. L. 116–7, § 9(2), substituted “FFA or a director, officer, or member acting on behalf of the FFA” for “corporation or a director, officer, or member as such”.

Subsec. (c). Pub. L. 116–7, § 9(3), substituted “FFA” for “corporation” in two places.

Subsec. (d). Pub. L. 116–7, § 9(4), substituted “FFA” for “corporation” in first sentence.

Credits

1998–2019 · 2 acts

1998Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1358
2019Pub. L. 116–7, § 9, Feb. 21, 2019, 133 Stat. 481.

Show as published

(Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1358; Pub. L. 116–7, § 9, Feb. 21, 2019, 133 Stat. 481.)