§ 140506 - Restrictions

CHAPTER 1405— MILITARY ORDER OF THE PURPLE HEART OF THE UNITED STATES OF AMERICA, INCORPORATED

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

(b) The corporation or a director or officer as such may not contribute to, support, or assist a political party or candidate for public office.

(c) 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. This subsection does not prevent the payment of compensation to an officer in an amount approved by the executive committee of the corporation.

(d) 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.

Notes

Historical and Revision Notes RevisedSectionSource (U.S. Code)Source (Statutes at Large) 140506(a)36:832.Aug. 26, 1958, Pub. L. 85–761, §§ 9, 10, 12, 72 Stat. 858. 140506(b)36:830. 140506(c)36:829(a). 140506(d)36:829(b).

In subsection (a), the words “any shares of” are omitted as unnecessary.

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 835 of this title” are omitted as unnecessary.