Highlight any text to annotate

(a) Exclusively Educational Purposes.—The corporation shall be operated exclusively for educational purposes. (b) Stocks and Dividends.—The corporation may not issue stock or declare or pay a dividend. (c) Distributions of Income or Assets.—The income or assets of the corporation may not inure to the benefit of any member or individual. (Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1456.) Historical and Revision Notes RevisedSectionSource (U.S. Code)Source (Statutes at Large) 21010636:4705.May 31, 1920, ch. 216, § 5, 41 Stat. 693. In subsection (a), the words “is organized and” are omitted as executed and obsolete. In subsection (b), the words “certificates of” are omitted as unnecessary. In subsection (c), the words “income or assets” are substituted for “earnings, income, or funds” for consistency in the revised title.

Add a comment

Sign in to comment on this section.

Annotate the text

Highlight any passage on the Full Text tab to attach a note. Annotations appear on the Annotations tab.