Title 36 — Patriotic and National ObservancesRelease 119-73
§150108 Restrictions
Title 36 › Subtitle Subtitle II— - Patriotic and National Organizations › Part Part B— - Organizations › Chapter CHAPTER 1501— - NATIONAL ACADEMY OF PUBLIC ADMINISTRATION › § 150108
Summary
Can't issue stock or pay dividends; can't engage in political activity or try to influence laws; can't let income or assets benefit directors, officers, or members while its charter lasts—except board‑approved pay; can't lend to directors, officers, or employees; unless agreed, can't claim Congress or U.S. approval.
Full Legal Text
Title 36, §150108
Patriotic and National Observances — Source: USLM XML via OLRC
(a)The corporation may not issue stock or declare or pay a dividend.
(b)The corporation or a director or officer as such may not contribute to, support, or participate in any political activity or in any manner attempt to influence legislation.
(c)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 member in an amount approved by the board of directors.
(d)The corporation may not make a loan to a director, officer, or employee.
(e)Except by agreement, 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) 150108(a)36:2308(d).Apr. 10, 1984, Pub. L. 98–257, § 8(a)–(e), 98 Stat. 128. 150108(b)36:2308(c). 150108(c)36:2308(a). 150108(d)36:2308(b). 150108(e)36:2308(e). In subsection (a), the words “any shares of” are omitted as unnecessary. In subsection (b), the words “as such” are substituted for “acting as such officer or director” for consistency in the revised title. In subsection (c), the words “inure to the benefit of” are substituted for “inure to” for consistency in the revised title. In subsection (e), the word “mutual” is omitted as unnecessary.
Reference
Citations & Metadata
Citation
36 U.S.C. § 150108
Title 36 — Patriotic and National Observances
Last Updated
Apr 6, 2026
Release point: 119-73