Title 36 — Patriotic and National ObservancesRelease 119-73

§150409 Restrictions

Title 36 › Subtitle Subtitle II— - Patriotic and National Organizations › Part Part B— - Organizations › Chapter CHAPTER 1504— - NATIONAL AMERICAN INDIAN VETERANS, INCORPORATED › § 150409

Last updated Apr 6, 2026|Official source

Summary

The corporation cannot sell stock or pay dividends. Its money or property cannot go to members, officers, or directors or be given to them while the charter lasts. The board can approve reasonable pay for officers and pay back actual necessary expenses. The corporation may not lend money to its officers, directors, members, or employees. It also must not claim that Congress or the federal government approves or controls its activities because of the charter.

Full Legal Text

Title 36, §150409

Patriotic and National Observances — Source: USLM XML via OLRC

(a)The corporation may not—

(1)issue any shares of stock; or

(2)declare or pay any dividends.

(b)(1)The income or assets of the corporation may not—

(A)inure to any person who is a member, officer, or director of the corporation; or

(B)be distributed to any such person during the life of the charter granted by this chapter.

(2)Nothing in this subsection prevents the payment of reasonable compensation to the officers of the corporation, or reimbursement for actual and necessary expenses, in amounts approved by the board of directors.

(c)The corporation may not make any loan to any officer, director, member, or employee of the corporation.

(d)The corporation may not claim congressional approval or Federal Government authority by virtue of the charter granted by this chapter for any of the activities of the corporation.

Reference

Citations & Metadata

Citation

36 U.S.C. § 150409

Title 36 — Patriotic and National Observances

Last Updated

Apr 6, 2026

Release point: 119-73