1995 US Code
Title 36 - PATRIOTIC SOCIETIES AND OBSERVANCES
CHAPTER 14 - FUTURE FARMERS OF AMERICA
Sec. 279 - Restrictions

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Metadata
Publication TitleUnited States Code, 1994 Edition, Supplement 1, Title 36 - PATRIOTIC SOCIETIES AND OBSERVANCES
CategoryBills and Statutes
CollectionUnited States Code
SuDoc Class NumberY 1.2/5:
Contained WithinTitle 36 - PATRIOTIC SOCIETIES AND OBSERVANCES
CHAPTER 14 - FUTURE FARMERS OF AMERICA
Sec. 279 - Restrictions
Containssection 279
Date1995
Laws in Effect as of DateJanuary 16, 1996
Positive LawNo
Dispositionstandard
Source CreditAug. 30, 1950, ch. 823, §9, 64 Stat. 566.
Statutes at Large Reference64 Stat. 566


§279. Restrictions (a) Distribution of income or assets to members

No part of the income or assets of the corporation shall inure to any member, officer, or director, or be distributable to any such person except upon dissolution and final liquidation of the corporation as provided in section 285 of this title.

(b) Loans

The corporation shall not make loans to its officers, directors, or employees. Any director who votes for or assents to the making of a loan to an officer, director, or employee of the corporation, and any officer who participates in the making of such a loan shall be jointly and severally liable to the corporation for the amount of such loan until the repayment thereof.

(c) Prizes, awards, grants, or loans to student officers and members meeting criteria

This section shall 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 such benefits.

(Aug. 30, 1950, ch. 823, §9, 64 Stat. 566.)

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