Title 36 — Patriotic and National ObservancesRelease 119-73
§220308 Restrictions
Title 36 › Subtitle Subtitle II— - Patriotic and National Organizations › Part Part B— - Organizations › Chapter CHAPTER 2203— - UNITED STATES CAPITOL HISTORICAL SOCIETY › § 220308
Summary
Do not issue stock or pay dividends. Income and assets cannot benefit trustees, officers, or members while it exists or when dissolved, except for board‑approved reasonable compensation and expense repayment. The corporation may not lend to them; officials who approve or make such loans must repay.
Full Legal Text
Title 36, §220308
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 trustee, officer, or member as such 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 employee or reimbursement for actual expenses in amounts approved by the board of trustees.
(c)The corporation may not make a loan or advance to a trustee, officer, or employee. Trustees who vote for or assent to making a loan or advance to a trustee, 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.
Legislative History
Notes & Related Subsidiaries
Historical and Revision Notes
Revised SectionSource (U.S. Code)Source (Statutes at Large) 220308(a)36:1211.Oct. 20, 1978, Pub. L. 95–493, §§ 9, 11, 92 Stat. 1646. 220308(b)36:1209(a). 220308(c)36:1209(b). 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. 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 (c), the words “or advance” are added the first time they appear for consistency in the subsection. The word “Trustees” is substituted for “Any director”, and the word “trustee” is substituted for “director”, for clarity and consistency in the revised chapter.
Reference
Citations & Metadata
Citation
36 U.S.C. § 220308
Title 36 — Patriotic and National Observances
Last Updated
Apr 6, 2026
Release point: 119-73