Title 36 — Patriotic and National ObservancesRelease 119-73

§140707 Restrictions

Title 36 › Subtitle Subtitle II— - Patriotic and National Organizations › Part Part B— - Organizations › Chapter CHAPTER 1407— - MILITARY ORDER OF THE WORLD WARS › § 140707

Last updated Apr 6, 2026|Official source

Summary

The corporation cannot sell stock or pay dividends. While its charter lasts, its money or property cannot go to any director, officer, or member, but the board can approve fair pay for officers and reimburse real, necessary expenses. The corporation cannot lend money to a director, officer, or employee. It also cannot say that Congress or the U.S. Government approves or supports its actions.

Full Legal Text

Title 36, §140707

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 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)The corporation may not make a loan to a director, officer, or employee.

(d)The corporation may not claim congressional approval or the authority of the United States Government for any of its activities.

Legislative History

Notes & Related Subsidiaries

Historical and Revision Notes

Revised SectionSource (U.S. Code)Source (Statutes at Large) 140707(a)36:5009(c).Oct. 23, 1992, Pub. L. 102–484, title XVIII, § 1809, 106 Stat. 2582. 140707(b)36:5009(a). 140707(c)36:5009(b). 140707(d)36:5009(d). In subsection (a), the words “any shares of” are omitted as unnecessary.

Reference

Citations & Metadata

Citation

36 U.S.C. § 140707

Title 36 — Patriotic and National Observances

Last Updated

Apr 6, 2026

Release point: 119-73