Title 36 — Patriotic and National ObservancesRelease 119-73

§154708 Restrictions

Title 36 › Subtitle Subtitle II— - Patriotic and National Organizations › Part Part B— - Organizations › Chapter CHAPTER 1547— - NON COMMISSIONED OFFICERS ASSOCIATION OF THE UNITED STATES OF AMERICA, INCORPORATED › § 154708

Last updated Apr 6, 2026|Official source

Summary

The corporation must not issue stock or pay dividends. It also must not lend money to any director, officer, or employee. Its money and property must not be given to or benefit a director, officer, or member while the charter is in effect, but the board can approve reasonable pay for officers and reimbursements for actual necessary expenses. The corporation must not say it has congressional approval or the authority of the U.S. Government.

Full Legal Text

Title 36, §154708

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) 15470836:4009.Apr. 6, 1988, Pub. L. 100–281, § 9, 102 Stat. 74. In subsection (a), the words “any shares of” are omitted as unnecessary. In subsection (b), 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. § 154708

Title 36 — Patriotic and National Observances

Last Updated

Apr 6, 2026

Release point: 119-73