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Title 36 — Patriotic and National ObservancesRelease 119-73

§153507 Restrictions

Title 36 › Subtitle Subtitle II— - Patriotic and National Organizations › Part Part B— - Organizations › Chapter CHAPTER 1535— - NATIONAL TROPICAL BOTANICAL GARDEN › § 153507

Last updated Apr 6, 2026|Official source

Summary

The corporation must not issue stock or pay dividends. It also must not give money to, support, or help any political party or candidate. Its money and property cannot go to a trustee, officer, or member while it exists or when it closes, except it can pay fair wages and repay necessary expenses if the board approves. The corporation must not lend money to a trustee, officer, or employee; any trustees or officers who approve or take part in such a loan are together responsible for repaying it to the corporation until it is paid back.

Full Legal Text

Title 36, §153507

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 trustee or officer as such may not contribute to, support, or assist a political party or candidate for elective public office.
(c)The income or assets of the corporation may not inure to the benefit of, or be distributed to, a trustee, officer, or member during the life of the corporation or on its dissolution or final liquidation. 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 trustees.
(d)The corporation may not make a loan to a trustee, officer, or employee. Trustees who vote for or assent to making a loan to a trustee, officer, or employee, and officers who participate in making the loan, are jointly and severally liable to the corporation for the amount of the loan until it is repaid.

Legislative History

Notes & Related Subsidiaries

Historical and Revision Notes

Revised SectionSource (U.S. Code)Source (Statutes at Large) 153507(a)36:4612.Aug. 19, 1964, Pub. L. 88–449, §§ 12, 13, 15, 78 Stat. 499. 153507(b)36:4615. 153507(c)36:4613(a). 153507(d)36:4613(b). In subsection (a), the words “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. § 153507

Title 36 — Patriotic and National Observances

Last Updated

Apr 6, 2026

Release point: 119-73