§ 152307 - Restrictions

CHAPTER 1523— NATIONAL MUSIC COUNCIL

(a) The corporation may not engage in business for profit.

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

(c) 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) 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) 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.

Notes

Historical and Revision Notes RevisedSectionSource (U.S. Code)Source (Statutes at Large) 152307(a)36:672 (words after comma).Aug. 1, 1956, ch. 824, §§ 9, 10, 12, 70 Stat. 796. 152307(b)36:672 (words before comma). 152307(c)36:670. 152307(d)36:669(a). 152307(e)36:669(b).

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.