
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: 36USC150708]

 
     TITLE 36--PATRIOTIC AND NATIONAL OBSERVANCES, CEREMONIES, AND 
                              ORGANIZATIONS
 
            Subtitle II--Patriotic and National Organizations
 
                          Part B--Organizations
 
            CHAPTER 1507--NATIONAL CONFERENCE ON CITIZENSHIP
 
Sec. 150708. 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 member as such may not contribute to, support, or assist a political 
party or candidate for elective public office, or advocate, sponsor, or 
promote legislation in the Congress of the United States or in the 
legislature of a State.
    (c) Distribution of Income or Assets.--The income or assets of the 
corporation may not inure to the benefit of, or be distributed to, a 
director, officer, or member except on dissolution or final liquidation 
of the corporation. This subsection does not prevent the executive 
committee from adopting terms of employment of the executive director as 
provided in section 150705(e) of this title.
    (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. 1393.)

                                          Historical and Revision Notes
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---------------------------------
           Revised  Section                    Source (U.S. Code)              
 Source (Statutes at Large)
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---------------------------------
150708(a).............................  36:442.                          Aug. 1
3, 1953, ch. 427, Secs.  9, 10,
                                                                          12, 6
7 Stat. 564, 565.
150708(b).............................  36:440.
150708(c).............................  36:439(a).
150708(d).............................  36:439(b).
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    In subsection (a), the words ``any shares of'' and ``its objects and 
purposes being solely patriotic and educational'' 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 ``such person, agency, or organization'' are interpreted as 
referring to a ``member, officer, or director'' and are omitted as 
unnecessary. The words ``as provided in section 445 of this title'' are 
omitted as unnecessary. The words ``This subsection does not prevent'' 
are substituted for ``Nothing in this subsection, however, shall be 
construed to prevent'' to eliminate unnecessary words.
