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1997 U.S. Code
Title 36 - PATRIOTIC SOCIETIES AND OBSERVANCES
CHAPTER 32 - VETERANS OF WORLD WAR I OF THE UNITED STATES OF AMERICA
Sec. 770 - Distribution of income or assets to members; loans

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Publication TitleUnited States Code, 1994 Edition, Supplement 3, 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 32 - VETERANS OF WORLD WAR I OF THE UNITED STATES OF AMERICA
Sec. 770 - Distribution of income or assets to members; loans
Containssection 770
Date1997
Laws in Effect as of DateJanuary 26, 1998
Positive LawNo
Dispositionstandard
Source CreditPub. L. 85-530, §10, July 18, 1958, 72 Stat. 373.
Statutes at Large Reference72 Stat. 373
Public Law ReferencePublic Law 85-530

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§770. Distribution of income or assets to members; loans

(a) No part of the income or assets of the corporation shall inure to any of its members or officers as such, or be distributed to any of them 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 compensation to officers of the corporation or reimbursement for actual necessary expenses in amounts approved by the board of administration of the corporation.

(b) The corporation shall not make loans to its officers or employees. Any member of the board of administration who votes for or assents to the making of a loan or advance to an officer or employee of the corporation, and any officer who participates in the making of such a loan or advance, shall be jointly and severally liable to the corporation for the amount of such loan until the repayment thereof.

(Pub. L. 85–530, §10, July 18, 1958, 72 Stat. 373.)

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