1995 US Code
Title 36 - PATRIOTIC SOCIETIES AND OBSERVANCES
CHAPTER 45 - UNITED SERVICE ORGANIZATIONS, INC.
Sec. 1304 - Restrictions
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 45 - UNITED SERVICE ORGANIZATIONS, INC. Sec. 1304 - Restrictions |
Contains | section 1304 |
Date | 1995 |
Laws in Effect as of Date | January 16, 1996 |
Positive Law | No |
Disposition | standard |
Source Credit | Pub. L. 96-165, §4, Dec. 29, 1979, 93 Stat. 1269. |
Statutes at Large Reference | 93 Stat. 1269 |
Public Law Reference | Public Law 96-165 |
§1304. Restrictions (a) Political activities
The corporation shall be nonpolitical and, as an organization, shall not furnish financial aid or assistance to, or otherwise promote the candidacy of, any person seeking elective public office. No substantial part of the activities of the corporation shall involve carrying on propaganda, or otherwise attempting to influence legislation.
(b) Issuance of stock; dividendsThe corporation shall have no power to issue any shares of capital stock, or to declare or pay any dividends. It shall also have no power to engage in any business activity for pecuniary profit unless the activity is substantially related to the carrying out of its objects and purposes, as set forth in section 1302 of this title, or the raising of funds for the accomplishment of said purposes.
(c) Use of assets on dissolution or liquidationThe property of the corporation is irrevocably dedicated to charitable purposes. Upon dissolution or final liquidation of the corporation, after discharge or satisfaction of all outstanding obligations and liabilities, its remaining assets, if any, shall be distributed in accordance with the determination of its board of governors, in compliance with its bylaws and all Federal and State laws applicable thereto: Provided, however, That its property shall not, in any event, inure to the benefit of any private person except a fund, foundation, association, or corporation operated exclusively for charitable purposes.
(d) Distribution of income or assets to membersNo part of the income or assets of the corporation shall inure to any member, governor, officer, or employee of the corporation or be distributable to any person during the life of the corporation or upon its dissolution or liquidation. Nothing in this subsection, however, shall be construed to prevent the payment of reasonable compensation for services rendered to officers and employees of the corporation and other persons, or to prevent their reimbursement for actual necessary expenses in amounts approved by the corporation's board of governors.
(e) LoansThe corporation shall not make loans to its members, officers, governors, or employees.
(Pub. L. 96–165, §4, Dec. 29, 1979, 93 Stat. 1269.)
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