§200307 — Title 36 Patriotic and National Observances | U.S. Code

Summary

The corporation must not issue stock or pay dividends, and it may not give money, support, or other help to a political party or a candidate. Its income and assets cannot go to officers or members while it exists or when it is dissolved, but it may pay approved salaries and repay actual necessary expenses if the council of administration agrees. The corporation may not lend or advance money to an officer or employee; any council member who votes for such a loan and any officer who helps make it are each responsible, together and separately, to repay the corporation for the loan amount until it is paid back.

Title 36, §200307

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 an officer or agent as such may not contribute to, support, or assist a political party or candidate for public office.

(c)The income or assets of the corporation may not inure to the benefit of, or be distributed to, an officer or member during the life of the corporation or on its dissolution or final liquidation. This subsection does not prevent the payment of compensation to an officer or reimbursement for actual necessary expenses in amounts approved by the council of administration of the corporation.

(d)The corporation may not make a loan or advance to an officer or employee. Members of the council of administration who vote for or assent to making a loan or advance to an officer or employee, and officers who participate in making the loan or advance, are jointly and severally liable to the corporation for the amount of the loan or advance until it is repaid.

Notes & Related Subsidiaries

Historical and Revision Notes

Revised SectionSource (U.S. Code)Source (Statutes at Large) 200307(a)36:543.Aug. 20, 1954, ch. 774, §§ 10, 11, 13, 68 Stat. 751. 200307(b)36:541. 200307(c)36:540(a). 200307(d)36:540(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. The words “This subsection does not prevent” are substituted for “Nothing in this subsection, however, shall be construed to prevent” for consistency in the revised title and to eliminate unnecessary words. In subsection (d), the words “or advance” are added in 2 places for consistency in the subsection.

§200307 Restrictions

Summary

Title 36, §200307

Notes & Related Subsidiaries

Historical and Revision Notes

Citations & Metadata