Restrictions — Us Code Code § 30307

Us Code Code § 30307 — Restrictions. Reproduced from the official United States Code, with a citation summary, verification link, and related provisions.

§ 30307. Restrictions

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

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

(c) Distribution of Income or Assets.—The income or assets of the corporation may not inure to the benefit of, or be distributed to, a director, officer, or member as such during the life of the corporation or on its dissolution or final liquidation. This section does not prevent the payment of—

(1) bona fide expenses of officers of the corporation in amounts approved by the board of directors; or

(2) appropriate aid to blinded veterans or their widows or children in carrying out the purposes of the corporation.


(d) Loans.—The corporation may not make a loan to a director, officer, or employee. Directors and officers 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.

(e) Immunity From Liability.—Members and private individuals are not liable for the obligations of the corporation.

(Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1318.)

Historical and Revision Notes
Revised

Section

Source (U.S. Code)Source (Statutes at Large)
30307(a) 36:862. Aug. 27, 1958, Pub. L. 85–769, §§3(4) (words between 1st comma and semicolon), 9, 10, 12, 72 Stat. 924, 926.
30307(b) 36:860.  
30307(c) 36:853(4) (words between 1st comma and semicolon).  
  36:859(a) (1st sentence words before last comma, last sentence).  
30307(d) 36:859(b).  
30307(e) 36:859(a) (1st sentence words after last comma).  

In subsection (a), the words "any 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. The text of 36:853(4) (words between 1st comma and semicolon) is omitted as unnecessary.

About This Section

36 U.S.C. § 30307 is part of Title 36 of the United States Code. The United States Code is the official codification of federal statutes maintained by the Office of the Law Revision Counsel of the U.S. House of Representatives. Congress amends the Code through new public laws, which are eventually incorporated into the relevant title.

This section may be cited in legal writing as 36 U.S.C. § 30307. For the most current official text, including any recent amendments, use the official source links below. Do not rely on this page as the sole authority for legal citation or litigation.

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Sources

Source: official Us Code text · Last verified 2026-08-27

At a glance

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Statute text is transcribed from the official United States Code. Confirm it against the primary source before relying on it:

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Common questions

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The text above is transcribed from the United States Code, the codified statutes of Us Code. The official publisher link appears under "Verify the text" on this page.

What subject does United States Code § 30307 address?

It addresses "Restrictions". Read the section together with the surrounding provisions listed under "Nearby provisions" for the full picture.

Is United States Code § 30307 still in force?

Statutes are amended, repealed, and renumbered every session. Confirm the current version at the official Us Code source before relying on this text.

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Nearby provisions in Us Code