§ 30307. Restrictions

• (a) The corporation may not issue stock or declare or pay a dividend.
• (b) 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) 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) 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) Members and private individuals are not liable for the obligations of the corporation.