1997 US Code
Title 36 - PATRIOTIC SOCIETIES AND OBSERVANCES
CHAPTER 23 - BOARD FOR FUNDAMENTAL EDUCATION
Sec. 509 - Distribution of income or assets to members; loans
View Metadata| Publication Title | United States Code, 1994 Edition, Supplement 3, 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 23 - BOARD FOR FUNDAMENTAL EDUCATION Sec. 509 - Distribution of income or assets to members; loans |
| Contains | section 509 |
| Date | 1997 |
| Laws in Effect as of Date | January 26, 1998 |
| Positive Law | No |
| Disposition | standard |
| Source Credit | July 19, 1954, ch. 536, §9, 68 Stat. 491. |
| Statutes at Large Reference | 68 Stat. 491 |
§509. Distribution of income or assets to members; loans
(a) No part of the income or assets of the corporation shall inure to any member, officer, or director, or be distributable to any such person except upon dissolution and final liquidation of the corporation as provided in section 515 of this title.
(b) The corporation shall not make loans to its officers, directors, or employees. Any director who votes for or assents to the making of a loan to any officer, director, or employee of the corporation, 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.
(July 19, 1954, ch. 536, §9, 68 Stat. 491.)
Cross ReferencesExemption from income tax of certain organizations, see section 501 of Title 26, Internal Revenue Code.
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