§ 22105 - Restrictions

CHAPTER 221— THE AMERICAN SOCIETY OF INTERNATIONAL LAW

(a) The corporation may not operate for profit.

(b) The corporation may not issue stock or declare or pay a dividend.

(c) The corporation or an officer or member of the executive council as such may not contribute to, support, or assist a political party or candidate for elective public office.

(d) The income or assets of the corporation may not inure to the benefit of, or be distributed to, a member of the corporation or an officer or member of the executive council, except on the dissolution or final liquidation of the corporation.

(e) The corporation may not make a loan or advance to an officer or member of the executive council. Members of the council who vote for or assent to making a loan or advance to an officer or member of the council, and officers who participate in making the loan or advance, are jointly and severally liable to the corporation for the amount of the loan or advance until it is repaid.

Notes

Historical and Revision Notes RevisedSectionSource (U.S. Code)Source (Statutes at Large) 22105(a)36:342 (2d sentence words before 1st comma).Sept. 20, 1950, ch. 958, §§ 2 (2d, last sentences), 7, 64 Stat. 870, 871. 22105(b)36:347 (1st sentence words before 2d comma). 22105(c)36:342 (last sentence). 22105(d)36:342 (2d sentence words after 1st comma). 22105(e)36:347 (1st sentence words after 2d comma, last sentence).

In subsection (b), the words “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.