Title 36 — Patriotic and National ObservancesRelease 119-73
§140406 Restrictions
Title 36 › Subtitle Subtitle II— - Patriotic and National Organizations › Part Part B— - Organizations › Chapter CHAPTER 1404— - MILITARY OFFICERS ASSOCIATION OF AMERICA › § 140406
Summary
While chartered, the corporation must follow strict limits: no stock or dividends; no giving income or assets to directors, officers, employees, or members except reasonable pay and board‑approved reimbursements for actual necessary expenses; no loans to them; no claiming U.S. Government approval; and it must stay incorporated in Virginia.
Full Legal Text
Title 36, §140406
Patriotic and National Observances — Source: USLM XML via OLRC
(a)The corporation may not issue stock or declare or pay a dividend.
(b)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)The corporation may not make a loan to a director, officer, employee, or member of the corporation.
(d)The corporation may not claim congressional approval or the authority of the United States Government for any of its activities.
(e)The corporation shall maintain its status as a corporation incorporated under the laws of the Commonwealth of Virginia.
Reference
Citations & Metadata
Citation
36 U.S.C. § 140406
Title 36 — Patriotic and National Observances
Last Updated
Apr 6, 2026
Release point: 119-73