2017 US Code
Title 36 - Patriotic and National Observances, Ceremonies, and Organizations
Subtitle II - Patriotic and National Organizations
Part B - Organizations
Chapter 705 - The Foundation of the Federal Bar Association
Sec. 70507 - Restrictions
| 36 U.S.C. § 70507 (2017) | ||||||||||||||||||
| §70507. Restrictions | ||||||||||||||||||
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(a) Stock and Dividends.—The corporation may not issue stock or declare or pay a dividend. (b) Political Activities.—(1) The activities, funds, income, and property of the corporation may not be used to carry on political activity or attempt to influence legislation. (2) The corporation or a director or officer as such may not contribute to, support, or assist a political party or candidate for elective public office. (c) Distribution of Income.—The income of the corporation may not inure to the benefit of a director, officer, member, or private individual. (d) Loans.—The corporation may not make a loan or advance to a director or officer. Directors and officers who vote for, assent to, or participate in making a loan or advance to a director or officer are jointly and severally liable to the corporation for the amount of the loan or advance until it is repaid. (e) Immunity From Liability.—Members and private individuals are not liable for the obligations of the corporation. |
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(Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1353.) |
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In subsection (a), the words "any shares of" are omitted as unnecessary. In subsection (b)(1), the words "directly or indirectly" are omitted as unnecessary. In subsection (c), the word "income" is substituted for "net earnings" for consistency in the revised title. In subsection (d), the words "or advance" are added in 2 places for consistency in the subsection. |
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| United States Code, 2012 Edition, Supplement 5, Title 36 - PATRIOTIC AND NATIONAL OBSERVANCES, CEREMONIES, AND ORGANIZATIONS | ||||||||||||||||||
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| United States Code | ||||||||||||||||||
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| Title 36 - PATRIOTIC AND NATIONAL OBSERVANCES, CEREMONIES, AND ORGANIZATIONS Subtitle II - Patriotic and National Organizations Part B - Organizations CHAPTER 705 - THE FOUNDATION OF THE FEDERAL BAR ASSOCIATION Sec. 70507 - Restrictions |
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| section 70507 | ||||||||||||||||||
| 2017 | ||||||||||||||||||
| January 12, 2018 | ||||||||||||||||||
| Yes | ||||||||||||||||||
| standard | ||||||||||||||||||
| 68 Stat. 799 112 Stat. 1353 |
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| Public Law 105-225 |
