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

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LegalText 36 U.S.C. § 230508 Restrictions us united_states_code code_section 36 PATRIOTIC AND NATIONAL OBSERVANCES, CEREMONIES, AND ORGANIZATIONS 2305 VIETNAM VETERANS OF AMERICA, INC. 230508 36 U.S.C. § 230508 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/s230508 data/legal/raw/us/code/title-36/usc36.xml e08074f68f6ba393720785af61d384b4efe0e3488b08da6c8ab6832531ca4b60 d8bb3c94f12bbd56e49d7a2bc029b1f4ab0bb8b69327e9ddbdf94d7adcac580d 50cf4586e46d0ef30896fca8c3842cfa08cf2f6609c20b54655ffc5c8918d328 2026-07-04 official
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36 U.S.C. § 230508 - 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 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, or employee.

(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.

(Pub. L. 105225, Aug. 12, 1998, 112 Stat. 1487.)

Notes

Historical and Revision Notes RevisedSectionSource (U.S. Code)Source (Statutes at Large) 230508(a)36:3809(c).May 23, 1986, Pub. L. 99318, § 9, 100 Stat. 475. 230508(b)36:3809(a). 230508(c)36:3809(b). 230508(d)36:3809(d). In subsection (a), the words “any shares of” are omitted as unnecessary. In subsection (b), the words “No part of” are omitted as unnecessary. The words “inure to the benefit of” are substituted for “inure to”, the words “the charter granted by this chapter” are substituted for “this charter”, and the words “This subsection does not prevent” are substituted for “Nothing in this subsection shall be construed to prevent”, for consistency in the revised title. In subsection (d), the words “by virtue of this chapter” are omitted as unnecessary.