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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. § 140406 Restrictions us united_states_code code_section 36 PATRIOTIC AND NATIONAL OBSERVANCES, CEREMONIES, AND ORGANIZATIONS 1404 MILITARY OFFICERS ASSOCIATION OF AMERICA 140406 36 U.S.C. § 140406 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/s140406 data/legal/raw/us/code/title-36/usc36.xml 3ec492e7eacdd7aa28dbdfd4a8518b04df7390e7bb1c84e7799fabc098fa71e0 d8bb3c94f12bbd56e49d7a2bc029b1f4ab0bb8b69327e9ddbdf94d7adcac580d 1f77f60150e7952c3c91733bf944f1c595722feae8c25dfd46ee2be430bbeb71 2026-07-04 official
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36 U.S.C. § 140406 - 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 of the corporation 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 of the corporation 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 of the corporation.

(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.

(e) Corporate Status.— The corporation shall maintain its status as a corporation incorporated under the laws of the Commonwealth of Virginia.

(Added Pub. L. 11195, § 1(a), Nov. 6, 2009, 123 Stat. 3002.)