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

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Metadata
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 43 - PARALYZED VETERANS OF AMERICA
Sec. 1164 - Distribution of income or assets to members; loans
Containssection 1164
Date1995
Laws in Effect as of DateJanuary 16, 1996
Positive LawNo
Dispositionstandard
Source CreditPub. L. 92-93, §14, Aug. 11, 1971, 85 Stat. 319.
Statutes at Large Reference85 Stat. 319
Public Law ReferencePublic 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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