1995 US Code
Title 36 - PATRIOTIC SOCIETIES AND OBSERVANCES
CHAPTER 20 - NATIONAL CONFERENCE ON CITIZENSHIP
Sec. 439 - Distribution of income or assets to members; loans
View Metadata| Publication Title | United States Code, 1994 Edition, Supplement 1, Title 36 - PATRIOTIC SOCIETIES AND OBSERVANCES |
| Category | Bills and Statutes |
| Collection | United States Code |
| SuDoc Class Number | Y 1.2/5: |
| Contained Within | Title 36 - PATRIOTIC SOCIETIES AND OBSERVANCES CHAPTER 20 - NATIONAL CONFERENCE ON CITIZENSHIP Sec. 439 - Distribution of income or assets to members; loans |
| Contains | section 439 |
| Date | 1995 |
| Laws in Effect as of Date | January 16, 1996 |
| Positive Law | No |
| Disposition | standard |
| Source Credit | Aug. 13, 1953, ch. 427, §9, 67 Stat. 564. |
| Statutes at Large Reference | 67 Stat. 564 |
§439. Distribution of income or assets to members; loans
(a) 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, agency, or organization except upon dissolution or final liquidation of the corporation as provided in section 445 of this title. Nothing in this subsection, however, shall be construed to prevent the executive committee from adopting terms of employment of the executive director as prescribed by section 438(e) of this title.
(b) 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 loan shall be jointly and severally liable to the corporation for the amount of such loan until the repayment thereof.
(Aug. 13, 1953, ch. 427, §9, 67 Stat. 564.)
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