1997 US Code
Title 36 - PATRIOTIC SOCIETIES AND OBSERVANCES
CHAPTER 66 - AMERICAN SYMPHONY ORCHESTRA LEAGUE
Sec. 3409 - 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 66 - AMERICAN SYMPHONY ORCHESTRA LEAGUE Sec. 3409 - Distribution of income or assets to members; loans |
| Contains | section 3409 |
| Date | 1997 |
| Laws in Effect as of Date | January 26, 1998 |
| Positive Law | No |
| Disposition | standard |
| Source Credit | Pub. L. 87-817, §9, Oct. 15, 1962, 76 Stat. 932. |
| Statutes at Large Reference | 76 Stat. 932 |
| Public Law Reference | Public Law 87-817 |
§3409. 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, directors, or officers as such, or be distributable 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 in amounts approved by the board of directors of the corporation.
(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 or advance to an officer, director, or employee of the corporation, and any officer who participates in the making of such loan or advance, shall be jointly and severally liable to the corporation for the amount of such loan until the repayment thereof.
(Pub. L. 87–817, §9, Oct. 15, 1962, 76 Stat. 932.)
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