1995 US Code
Title 36 - PATRIOTIC SOCIETIES AND OBSERVANCES
CHAPTER 72 - NON COMMISSIONED OFFICERS ASSOCIATION OF THE UNITED STATES OF AMERICA, INC.
Sec. 4009 - Restrictions

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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 72 - NON COMMISSIONED OFFICERS ASSOCIATION OF THE UNITED STATES OF AMERICA, INC.
Sec. 4009 - Restrictions
Containssection 4009
Date1995
Laws in Effect as of DateJanuary 16, 1996
Positive LawNo
Dispositionstandard
Source CreditPub. L. 100-281, §9, Apr. 6, 1988, 102 Stat. 74.
Statutes at Large Reference102 Stat. 74
Public Law ReferencePublic Law 100-281


§4009. Restrictions (a) Distribution of income or assets to members

No part of the income or assets of the corporation may inure to the benefit of any member, officer, or director of the corporation or be distributed to any such individual during the life of this charter. Nothing in this subsection shall be construed to prevent the payment of reasonable compensation to the officers of the corporation or reimbursement for actual necessary expenses in amounts approved by the board of directors.

(b) Loans

The corporation may not make any loan to any officer, director, or employee of the corporation.

(c) Issuance of stock; dividends

The corporation shall have no power to issue any shares of stock nor to declare or pay any dividends.

(d) Claim of approval or authorization

The corporation shall not claim congressional approval or the authorization of the Federal Government for any of its activities by virtue of this chapter.

(Pub. L. 100–281, §9, Apr. 6, 1988, 102 Stat. 74.)

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