(a) Exclusively Educational Purposes.—The corporation shall be operated exclusively for educational purposes.

Terms Used In 36 USC 210106

  • 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.
  • individual: shall include every infant member of the species homo sapiens who is born alive at any stage of development. See 1 USC 8

(b) Stocks and Dividends.—The corporation may not issue stock or declare or pay a dividend.

(c) Distributions of Income or Assets.—The income or assets of the corporation may not inure to the benefit of any member or individual.

  Previous section
Next section  
 Chapter 2101 Contents