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1997 U.S. Code
Title 36 - PATRIOTIC SOCIETIES AND OBSERVANCES
CHAPTER 28 - NATIONAL MUSIC COUNCIL
Sec. 669 - Distribution of income or assets to members; loans
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§669. Distribution of income or assets to members; loans
§669. 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 675 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.
(Aug. 1, 1956, ch. 824, §9, 70 Stat. 796.)
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