§ 153507 - Restrictions

CHAPTER 1535— NATIONAL TROPICAL BOTANICAL GARDEN

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

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

(c) The income or assets of the corporation may not inure to the benefit of, or be distributed to, a trustee, officer, or member during the life of the corporation or on its dissolution or final liquidation. This subsection does not prevent the payment of reasonable compensation to an officer or reimbursement for actual necessary expenses in amounts approved by the board of trustees.

(d) The corporation may not make a loan to a trustee, officer, or employee. Trustees who vote for or assent to making a loan to a trustee, 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) 153507(a)36:4612.Aug. 19, 1964, Pub. L. 88–449, §§ 12, 13, 15, 78 Stat. 499. 153507(b)36:4615. 153507(c)36:4613(a). 153507(d)36:4613(b).

In subsection (a), the words “shares of” 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.