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§ 30906. Restrictions

Type Statute

Publication 2024-04-08

State In force

Department United States Congress

Source OLRC

Reform history JSON API

§ 30906. Restrictions

(a) Profit.— The corporation may not operate for pecuniary profit to its members.

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

(Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1326.)

The words “certificates of” and “its object and purposes being solely of a benevolent character” are omitted as unnecessary.

Historical and Revision Notes
RevisedSection	Source (U.S. Code)	Source (Statutes at Large)
30906	36:24 (words after semicolon).	June 15, 1916, ch. 148, § 4 (words after semicolon), 39 Stat. 228.

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