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2026-07-06 10:51:44 -04:00

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LegalText 36 U.S.C. § 170106 Restrictions us united_states_code code_section 36 PATRIOTIC AND NATIONAL OBSERVANCES, CEREMONIES, AND ORGANIZATIONS 1701 PARALYZED VETERANS OF AMERICA 170106 36 U.S.C. § 170106 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/s170106 data/legal/raw/us/code/title-36/usc36.xml 6ef516c0a92f84bc946f18185ed3c350d6fdcf6adb0f5da1b07bb048d088de41 d8bb3c94f12bbd56e49d7a2bc029b1f4ab0bb8b69327e9ddbdf94d7adcac580d 959d0be25f0f11b46c4faac99edbc4d37ab83498f9bd1241572b7af230409c5e 2026-07-04 official
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36 U.S.C. § 170106 - Restrictions

Text

(a) Profit.— The corporation may not engage in business for profit.

(b) Stock.— The corporation may not issue stock.

(c) Political Activities.— The corporation shall be nonpolitical and may not provide financial aid to, or otherwise promote the candidacy of, an individual seeking public office.

(d) 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, member, or employee during the life of the corporation or on its dissolution or final liquidation. 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.

(e) Loans.— The corporation may not make a loan to a director, officer, member, or employee. Directors who vote for or assent to making such a loan, and officers who participate in making the loan, are jointly and severally liable to the corporation for the amount of the loan until it is repaid.

(Pub. L. 105225, Aug. 12, 1998, 112 Stat. 1441.)

Notes

Historical and Revision Notes RevisedSectionSource (U.S. Code)Source (Statutes at Large) 170106(a), (b)36:1155.Aug. 11, 1971, Pub. L. 9293, §§ 5, 6, 14, 85 Stat. 318, 319. 170106(c)36:1156. 170106(d)36:1164(a). 170106(e)36:1164(b). In subsection (a), the words “pecuniary” and “or gain” are omitted as unnecessary. In subsection (b), the word “capital” is omitted as unnecessary. In subsection (c), the words “as an organization” are omitted as unnecessary. In subsection (d), the words “inure to the benefit of” are substituted for “inure to” for consistency in the revised title.