
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: 36USC152307]

 
     TITLE 36--PATRIOTIC AND NATIONAL OBSERVANCES, CEREMONIES, AND 
                              ORGANIZATIONS
 
            Subtitle II--Patriotic and National Organizations
 
                          Part B--Organizations
 
                  CHAPTER 1523--NATIONAL MUSIC COUNCIL
 
Sec. 152307. Restrictions

    (a) Profit.--The corporation may not engage in business for profit.
    (b) Stock and Dividends.--The corporation may not issue stock or 
declare or pay a dividend.
    (c) 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.
    (d) 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.
    (e) 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. 1413.)

                                          Historical and Revision Notes
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---------------------------------
           Revised  Section                    Source (U.S. Code)              
 Source (Statutes at Large)
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---------------------------------
152307(a).............................  36:672 (words after comma).      Aug. 1
, 1956, ch. 824, Secs.  9, 10,
                                                                          12, 7
0 Stat. 796.
152307(b).............................  36:672 (words before comma).
152307(c).............................  36:670.
152307(d).............................  36:669(a).
152307(e).............................  36:669(b).
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    In subsection (a), the word ``pecuniary'' is omitted as unnecessary.
    In subsection (b), the words ``any shares of'' are omitted as 
unnecessary.
    In subsection (d), the words ``inure to the benefit of'' are 
substituted for ``inure to'' for consistency in the revised title. The 
words ``as provided in section 675 of this title'' are omitted as 
unnecessary.
