1995 US Code
Title 36 - PATRIOTIC SOCIETIES AND OBSERVANCES
CHAPTER 25 - THE FOUNDATION OF THE FEDERAL BAR ASSOCIATION
Sec. 579 - Distribution of income or assets to members; loans
View MetadataPublication 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 25 - THE FOUNDATION OF THE FEDERAL BAR ASSOCIATION Sec. 579 - Distribution of income or assets to members; loans |
Contains | section 579 |
Date | 1995 |
Laws in Effect as of Date | January 16, 1996 |
Positive Law | No |
Disposition | standard |
Source Credit | Aug. 24, 1954, ch. 911, §9, 68 Stat. 799. |
Statutes at Large Reference | 68 Stat. 799 |
§579. Distribution of income or assets to members; loans
(a) No part of the net earnings of the corporation shall inure to the benefit of any member, officer, director, or private individual, nor shall any member or private individual be liable for the obligations of the corporation.
(b) The corporation shall not make any loans to its officers or members of the board of directors. Any officer or director who votes for, assents to, or participates in the making of a loan or advance to an officer or director shall be jointly and severally liable to the corporation for the amount of such loan until its repayment.
(Aug. 24, 1954, ch. 911, §9, 68 Stat. 799.)
Cross ReferencesExemption from income tax of certain organizations, see section 501 of Title 26, Internal Revenue Code.
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