
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: 36USC22707]

 
     TITLE 36--PATRIOTIC AND NATIONAL OBSERVANCES, CEREMONIES, AND 
                              ORGANIZATIONS
 
            Subtitle II--Patriotic and National Organizations
 
                          Part B--Organizations
 
   CHAPTER 227--AMVETS (AMERICAN VETERANS OF WORLD WAR II, KOREA, AND 
                                VIETNAM)
 
Sec. 22707. Restrictions

    (a) Profit.--The corporation shall operate as a not-for-profit 
corporation, exclusively for charitable, educational, patriotic, and 
civic improvement purposes.
    (b) Stock and Dividends.--The corporation may not issue stock or 
declare or pay a dividend.
    (c) Political Activities.--The corporation or an officer of the 
corporation or member of its executive committee as such may not 
contribute to, support, or assist a political party or candidate for 
elective public office. The corporation may not carry on propaganda.
    (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 of the corporation, except on dissolution 
or final liquidation of the corporation.
    (e) Loans.--The corporation may not make a loan or advance to a 
director or officer. Directors who vote for or assent to making a loan 
or advance to a director or officer, and officers who participate in 
making the loan or advance, are jointly and severally liable to the 
corporation for the amount of the loan or advance until it is repaid.

(Pub. L. 105-225, Aug. 12, 1998, 112 Stat. 1308.)

                                          Historical and Revision Notes
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           Revised  Section                    Source (U.S. Code)              
 Source (Statutes at Large)
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22707(a)..............................  36:67b(11) (1st-8th words and    July 2
3, 1947, ch. 298, Secs.  3(11),
                                         words after semicolon).          5(1),
 (2), 15, 16, 61 Stat. 405, 406,
                                                                          408.
22707(b)..............................  36:67n.
22707(c)..............................  36:67d(1), (2).
22707(d)..............................  36:67b(11) (9th word through
                                         semicolon).
22707(e)..............................  36:67o.
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    In subsection (b), the words ``shares of'' are omitted as 
unnecessary.
    In subsection (e), the words ``or advance'' are added in 2 places 
for consistency in the subsection.
