§ 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 as such may not contribute to, support, or assist a political party or candidate for elective public office.
• (c) The income of the corporation may not inure to the benefit of a director, officer, member, or private individual.
• (d) The corporation may not make a loan or advance to a director or officer. Directors and officers who vote for, assent to, or participate in making a loan or advance to a director or officer are jointly and severally liable to the corporation for the amount of the loan or advance until it is repaid.
• (e) Members and private individuals are not liable for the obligations of the corporation.