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§ 210106. Restrictions

Type Statute

Publication 2024-04-08

State In force

Department United States Congress

Source OLRC

Reform history JSON API

§ 210106. Restrictions

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

(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.

(Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1456.)

In subsection (a), the words “is organized and” are omitted as executed and obsolete.

In subsection (b), the words “certificates of” are omitted as unnecessary.

In subsection (c), the words “income or assets” are substituted for “earnings, income, or funds” for consistency in the revised title.

Historical and Revision Notes
RevisedSection	Source (U.S. Code)	Source (Statutes at Large)
210106	36:4705.	May 31, 1920, ch. 216, § 5, 41 Stat. 693.

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