
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 23, 2000]
[Document not affected by Public Laws enacted between
  January 23, 2000 and December 4, 2001]
[CITE: 36USC130507]

 
     TITLE 36--PATRIOTIC AND NATIONAL OBSERVANCES, CEREMONIES, AND 
                              ORGANIZATIONS
 
            Subtitle II--Patriotic and National Organizations
 
                          Part B--Organizations
 
           CHAPTER 1305--LITTLE LEAGUE BASEBALL, INCORPORATED
 
Sec. 130507. Restrictions

    (a) Stock and Dividends.--The corporation may not issue stock or 
declare or pay a dividend.
    (b) Political Activities.--The corporation or a director, officer, 
or agent as such may not contribute to, support, or assist any political 
party or candidate for office.
    (c) Distribution of Income or Assets.--The income and assets of the 
corporation may not inure to the benefit of, or be distributed to, a 
director, officer, or member during the life of the corporation or on 
its dissolution or final liquidation. This subsection does not prevent 
the payment of reasonable compensation to an officer in an amount 
approved by the board of directors.
    (d) Loans.--The corporation may not make a loan to a director, 
officer, or employee. Directors who vote for or assent to making a loan 
to a director, officer, or employee, and officers who participate in 
making the loan, are jointly and severally liable to the corporation for 
the amount of the loan until it is repaid.

(Pub. L. 105-225, Aug. 12, 1998, 112 Stat. 1378.)

                                          Historical and Revision Notes
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           Revised  Section                    Source (U.S. Code)              
 Source (Statutes at Large)
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---------------------------------
130507(a).............................  36:1082.                         July 1
6, 1964, Pub. L. 88-378, Secs.
                                                                          9, 10
, 12, 78 Stat. 327.
130507(b).............................  36:1080.
130507(c).............................  36:1079(a).
130507(d).............................  36:1079(b).
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    In subsection (a), the words ``any shares of'' are omitted as 
unnecessary.
    In subsection (b), the words ``or otherwise'' are omitted as 
unnecessary.
    In subsection (c), the words ``inure to the benefit of'' are 
substituted for ``inure to'' for consistency in the revised title. The 
words ``This subsection does not prevent'' are substituted for ``Nothing 
in this subsection, however, shall be construed to prevent'' for 
consistency in the revised title and to eliminate unnecessary words.
