Title 36 — Patriotic and National ObservancesRelease 119-73
§152707 Restrictions
Title 36 › Subtitle Subtitle II— - Patriotic and National Organizations › Part Part B— - Organizations › Chapter CHAPTER 1527— - NATIONAL SKI PATROL SYSTEM, INCORPORATED › § 152707
Summary
Corporation can't issue stock, pay dividends, do politics, influence laws, or lend money to leaders or staff. Its assets can't benefit them while the charter exists, except board‑approved reasonable pay or expense reimbursement.
Full Legal Text
Title 36, §152707
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 reimbursement for actual necessary expenses in amounts approved by the board of directors.
(d)The corporation may not make a loan to a director, officer, or employee.
Legislative History
Notes & Related Subsidiaries
Historical and Revision Notes
Revised SectionSource (U.S. Code)Source (Statutes at Large) 152707(a)36:1508(d).Dec. 2, 1980, Pub. L. 96–489, § 8, 94 Stat. 2554. 152707(b)36:1508(c). 152707(c)36:1508(a). 152707(d)36:1508(b). In subsection (a), the words “any shares of” 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.
Reference
Citations & Metadata
Citation
36 U.S.C. § 152707
Title 36 — Patriotic and National Observances
Last Updated
Apr 6, 2026
Release point: 119-73