Federal & State Lawfederalstatelaw.com
Home/Federal/Statutes/Title 36/§ 190308
36 U.S.C. § 190308Chapter 1903

§190308. Restrictions

Primary source

Verbatim text below is from the United States Code (GovInfo), a public-domain U.S. government work.

Full Text

§190308. Restrictions

(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 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, or employee.

(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 Notes
Revised

Section

Source (U.S. Code)Source (Statutes at Large)
190308(a) 36:5109(c). Oct. 23, 1992, Pub. L. 102–484, title XVIII, §1829, 106 Stat. 2585.
190308(b) 36:5109(a).  
190308(c) 36:5109(b).  
190308(d) 36:5109(d).  

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 shall be construed to" for consistency in the revised title.

In subsection (d), the words "by virtue of this chapter" are omitted as unnecessary.

Last amended: December 31, 2024

This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.