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Co-Authored-By: Claude Opus 4.8 <noreply@anthropic.com>
2026-07-06 10:51:44 -04:00

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LegalText 36 U.S.C. § 20207 Restrictions us united_states_code code_section 36 PATRIOTIC AND NATIONAL OBSERVANCES, CEREMONIES, AND ORGANIZATIONS 202 AIR FORCE SERGEANTS ASSOCIATION 20207 36 U.S.C. § 20207 current 119-100 2026-06-26 official https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc36@119-100.zip /us/usc/t36/s20207 data/legal/raw/us/code/title-36/usc36.xml bcf47a839695e577fce3c34635d7a2f1bc29210d10f6e4479e97eea2fe900efe d8bb3c94f12bbd56e49d7a2bc029b1f4ab0bb8b69327e9ddbdf94d7adcac580d b710be33df2a1dc347833f4f85e3474570d63e5622a977f797877a777afec40d 2026-07-04 official
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36 U.S.C. § 20207 - Restrictions

Text

(a) Stock and Dividends.— The corporation may not issue stock or declare or pay a dividend.

(b) Distribution of Income or Assets.— 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 of reasonable compensation to an officer or employee or reimbursement for actual necessary expenses in amounts approved by the board of directors.

(c) Loans.— The corporation may not make a loan to a director, officer, employee, or member.

(d) Claim of Governmental Approval or Authority.— The corporation may not claim congressional approval or the authority of the United States Government for any of its activities.

(Added Pub. L. 105354, § 1(4)(A), Nov. 3, 1998, 112 Stat. 3241.)

Notes

Historical and Revision Notes RevisedSectionSource (U.S. Code)Source (Statutes at Large) 20207(a)36 App.:5808(c).Nov. 18, 1997, Pub. L. 10585, title XV, § 1508(a)(d), 111 Stat. 1964. 20207(b)36 App.:5808(a). 20207(c)36 App.:5808(b). 20207(d)36 App.:5808(d). In subsection (a), the words “any shares of” are omitted as unnecessary. In subsection (b), the words “This subsection does not” are substituted for “Nothing in this subsection may be construed to” for consistency in the revised title. In subsection (d), the words “by virtue of this chapter” are omitted as unnecessary.