§ 70507. Restrictions

• (a) The corporation may not issue stock or declare or pay a dividend.
• (b)
  • (1) The activities, funds, income, and property of the corporation may not be used to carry on political activity or attempt to influence legislation.
  • (2) The corporation or a director or officer in the corporate capacity of the director of 1 1 So in original. Probably should be “or”. officer may not contribute to, support, or participate in any political activity or in any manner attempt to influence legislation.
• (c)
  • (1) The income or assets of the corporation may not inure to the benefit of, or be distributed to, a director, officer, or member during the life of the charter granted by this chapter. This subsection does not prevent the payment, in amounts approved by the board of directors, of—
    • (A) reasonable compensation; or
    • (B) reimbursement for expenses incurred in undertaking the corporation’s business, to officers, directors, or members.
  • (2) This subsection shall not be construed to—
    • (A) prevent the award of a grant to a Federal Bar Association chapter of which an officer, director, or member may be a member; or
    • (B) prevent the payment of reasonable compensation to the corporation’s employees for services undertaken on behalf of the corporation.
• (d) The corporation may not make a loan to a director, officer, member, or employee.
• (e) Members and private individuals are not liable for the obligations of the corporation.
• (f) The corporation—
  • (1) may not claim congressional approval or the authority of the United States Government for any of its activities; and
  • (2) may acknowledge this charter.