1995 US Code
Title 36 - PATRIOTIC SOCIETIES AND OBSERVANCES
CHAPTER 43 - PARALYZED VETERANS OF AMERICA
Sec. 1164 - 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 43 - PARALYZED VETERANS OF AMERICA Sec. 1164 - Distribution of income or assets to members; loans |
| Contains | section 1164 |
| Date | 1995 |
| Laws in Effect as of Date | January 16, 1996 |
| Positive Law | No |
| Disposition | standard |
| Source Credit | Pub. L. 92-93, §14, Aug. 11, 1971, 85 Stat. 319. |
| Statutes at Large Reference | 85 Stat. 319 |
| Public Law Reference | Public Law 92-93 |
§1164. Distribution of income or assets to members; loans
(a) No part of the income or assets of the corporation shall inure to any member, director, officer, or employee of the corporation or be distributable to any person 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 reasonable compensation to officers and employees of the corporation or to prevent their reimbursement for actual necessary expenses in amounts approved by the corporation's board of directors.
(b) The corporation shall not make loans to its members, officers, directors, or employees. Any director who votes for or assents to the making of such a loan, 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.
(Pub. L. 92–93, §14, Aug. 11, 1971, 85 Stat. 319.)
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