§ 20106 - Restrictions

CHAPTER 201— AGRICULTURAL HALL OF FAME

(a) The corporation may not issue stock or declare or pay a dividend.

(b) The corporation or a governor, officer, employee, or member as such may not contribute to, support, or assist a political party or candidate for public office.

(c) The income or assets of the corporation may not inure to the benefit of, or be distributed to, a governor, officer, or member as such during the life of the corporation or on its dissolution or final liquidation. This subsection does not prevent the payment of compensation to an officer or employee in an amount approved by the board of governors.

(d) The corporation may not make a loan or advance to a governor, officer, employee, or member. Governors who vote for or assent to making a loan or advance to a governor, officer, employee, or member, 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.

(e) None of the principal or interest of a fund referred to in section 20102(1) of this title may be contributed to an organization if—

(e)(1) a substantial part of its activities is carrying on propaganda or attempting to influence legislation; or

(e)(2) any part of its net earnings benefits a private shareholder or individual.

Notes

Historical and Revision Notes RevisedSectionSource (U.S. Code)Source (Statutes at Large) 20106(a)36:982.Aug. 31, 1960, Pub. L. 86–680, §§ 3(A) (1st sentence proviso), 9, 10, 12, 74 Stat. 573, 575, 576. 20106(b)36:980. 20106(c)36:979(a). 20106(d)36:979(b). 20106(e)36:973(A) (proviso).

In subsection (a), the words “any shares of” are omitted as unnecessary.

In subsection (d), the words “or advance” are added in 2 places for consistency in the subsection.