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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. § 130306 Restrictions us united_states_code code_section 36 PATRIOTIC AND NATIONAL OBSERVANCES, CEREMONIES, AND ORGANIZATIONS 1303 LEGION OF VALOR OF THE UNITED STATES OF AMERICA, INCORPORATED 130306 36 U.S.C. § 130306 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/s130306 data/legal/raw/us/code/title-36/usc36.xml bff1cab3767b16ee0d6e07b823d9a73d8a470801a468d76e75252517466af888 d8bb3c94f12bbd56e49d7a2bc029b1f4ab0bb8b69327e9ddbdf94d7adcac580d 4e9588509c17bc594d09f60c3cac1f40848f897db96b904f2120d08e2e0b533c 2026-07-04 official
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36 U.S.C. § 130306 - Restrictions

Text

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

(b) Political Activities.— The corporation or a director or officer as such may not contribute to, support, or assist a political party or candidate for public office.

(c) 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 except on dissolution or final liquidation of the corporation. This subsection does not prevent the payment of compensation to an officer in an amount approved by the executive committee of the corporation.

(d) Loans.— The corporation may not make a loan to a director, officer, or employee. Directors who vote for or assent to making a loan to a director, officer, or employee, 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. 1375.)

Notes

Historical and Revision Notes RevisedSectionSource (U.S. Code)Source (Statutes at Large) 130306(a)36:642.Aug. 4, 1955, ch. 546, §§ 9, 10, 12, 69 Stat. 489. 130306(b)36:640. 130306(c)36:639(a). 130306(d)36:639(b). In subsection (a), the words “any shares of” are omitted as unnecessary. In subsection (b), the words “or otherwise” are omitted as unnecessary. In subsection (c), the words “inure to the benefit of” are substituted for “inure to” for consistency in the revised title. The words “as provided in section 645 of this title” are omitted as unnecessary. The words “This subsection does not prevent” are substituted for “Nothing in this subsection, however, shall be construed to prevent” for consistency in the revised title and to eliminate unnecessary words. The reference to the “executive committee of the corporation” is retained although 36:637 and 36:638 do not create an executive committee.