Income or assets may not go to a director, officer or member
What the document says“``(1) In general.--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.”
The income or assets of the corporation may not inure to the benefit of a director, officer or member, and may not be distributed to one, during the life of the charter granted by the chapter of title 36, United States Code, in which this section sits.
What the document actually says“``(1) In general.--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.”
The group's cash and things may not go to its own people. Not to a board member. Not to an officer. Not to a member of the group.
This holds for as long as the charter lasts. A charter is the grant that set the group up. It came from Congress.
No action is recorded against this proposal. That is not evidence that none has been taken, and nobody has yet read it against the record. See what the tracker does not yet cover.