17.0507 Nonprofit and nonpolitical nature of institute.

Cite as [A.S.C.A. § 17.0507]

(a) Stock. The academy shall have no power to issue any shares of stock or to declare or pay any dividends.

(b) Nonprofit nature. No part of the income or assets of the academy shall insure to the benefit of any board member or employee, or any other individual except as salary or reasonable compensation for services.

(c) Nonpolitical nature. The academy shall not contribute to, or otherwise support, any political party or candidate for elective public office.

History: 2000, PL 26-32.