§ 140406 - Restrictions

CHAPTER 1404— MILITARY OFFICERS ASSOCIATION OF AMERICA

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

(b) The income or assets of the corporation may not inure to the benefit of, or be distributed to, a director, officer, or member of the corporation during the life of the charter granted by this chapter. This subsection does not prevent the payment of reasonable compensation to an officer or employee of the corporation or reimbursement for actual necessary expenses in amounts approved by the board of directors.

(c) The corporation may not make a loan to a director, officer, employee, or member of the corporation.

(d) The corporation may not claim congressional approval or the authority of the United States Government for any of its activities.

(e) The corporation shall maintain its status as a corporation incorporated under the laws of the Commonwealth of Virginia.