§190308 — Title 36 Patriotic and National Observances | U.S. Code

Summary

The corporation must not issue stock or pay any dividends. While its charter lasts, its money or property cannot go to or be shared with any director, officer, or member. It can still pay reasonable pay to officers and reimburse real, necessary expenses if the board of directors approves the amounts. The corporation must not lend money to any director, officer, or employee, and it must not say that Congress or the U.S. government approves or controls its actions.

Title 36, §190308

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.

Notes & Related Subsidiaries

Historical and Revision Notes

Revised SectionSource (U.S. Code)Source (Statutes at Large) 190308(a)36:5109(c).Oct. 23, 1992, Pub. L. 102–484, title XVIII, § 1829, 106 Stat. 2585. 190308(b)36:5109(a). 190308(c)36:5109(b). 190308(d)36:5109(d). In subsection (a), the words “any shares of” are omitted as unnecessary. In subsection (b), the words “This subsection does not” are substituted for “Nothing in this subsection shall be construed to” for consistency in the revised title. In subsection (d), the words “by virtue of this chapter” are omitted as unnecessary.

§190308 Restrictions

Summary

Title 36, §190308

Notes & Related Subsidiaries

Historical and Revision Notes

Citations & Metadata