(a) Profit.—The corporation may not engage in business activity for profit unless the activity is substantially related to—
(1) the purposes stated in section 220102 of this title; or
(2) raising funds to accomplish those purposes.
Terms Used In 36 USC 220108
- 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
- officer: includes any person authorized by law to perform the duties of the office. See 1 USC 1
(b) Stock and Dividends.—The corporation may not issue stock or declare or pay a dividend.
(c) Political Activities.—The corporation shall be nonpolitical and may not provide financial aid or assistance to, or otherwise promote the candidacy of, an individual seeking elective public office. A substantial part of the activities of the corporation may not involve carrying on propaganda or otherwise attempting to influence legislation.
(d) Distribution of Income or Assets.—The income or assets of the corporation may not inure to the benefit of a governor, officer, member, or employee or be distributed to any person 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, employee, or other person or reimbursement for actual necessary expenses in amounts approved by the board of governors.
(e) Loans.—The corporation may not make a loan to a governor, officer, member, or employee.
