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1995 U.S. Code
Title 36 - PATRIOTIC SOCIETIES AND OBSERVANCES
CHAPTER 39 - AGRICULTURAL HALL OF FAME
Sec. 979 - Distribution of income or assets to members; loans

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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 39 - AGRICULTURAL HALL OF FAME
Sec. 979 - Distribution of income or assets to members; loans
Containssection 979
Date1995
Laws in Effect as of DateJanuary 16, 1996
Positive LawNo
Dispositionstandard
Source CreditPub. L. 86-680, §9, Aug. 31, 1960, 74 Stat. 575.
Statutes at Large Reference74 Stat. 575
Public Law ReferencePublic Law 86-680

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§979. Distribution of income or assets to members; loans

(a) No part of the income or assets of the corporation shall inure to any of its members, governors, or officers as such, or be distributable to any of them during the life of the corporation or upon its dissolution or final liquidation. Nothing in this subsection, however, shall be construed to prevent the payment of compensation to officers and employees of the corporation in amounts approved by the board of governors of the corporation.

(b) The corporation shall not make loans to its members, governors, officers, or employees. Any governor who votes for or assents to the making of a loan or advance to a member, officer, governor or employee of the corporation, and any officer who participates in the making of such a loan or advance, shall be jointly and severally liable to the corporation for the amount of such loan until the repayment thereof.

(Pub. L. 86–680, §9, Aug. 31, 1960, 74 Stat. 575.)

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