1995 US Code
Title 36 - PATRIOTIC SOCIETIES AND OBSERVANCES
CHAPTER 28 - NATIONAL MUSIC COUNCIL
Sec. 669 - 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 28 - NATIONAL MUSIC COUNCIL Sec. 669 - Distribution of income or assets to members; loans |
| Contains | section 669 |
| Date | 1995 |
| Laws in Effect as of Date | January 16, 1996 |
| Positive Law | No |
| Disposition | standard |
| Source Credit | Aug. 1, 1956, ch. 824, §9, 70 Stat. 796. |
| Statutes at Large Reference | 70 Stat. 796 |
§669. 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 except upon dissolution and final liquidation of the Corporation as provided in section 675 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 any 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.
(Aug. 1, 1956, ch. 824, §9, 70 Stat. 796.)
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