(a) Profit.—The corporation may not engage in business for profit.
Terms Used In 36 USC 190107
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- officer: includes any person authorized by law to perform the duties of the office. See 1 USC 1
(b) Stock.—The corporation may not issue stock.
(c) Political Activities.—The corporation or an officer or member as such may not contribute to, support, or assist a political party or candidate for 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, an officer or member except on dissolution or final liquidation of the corporation.
(e) Loans.—The corporation may not make a loan or advance to an officer or member of the national executive committee. Members of the national executive committee who vote for or assent to making a loan or advance to an 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.
