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Title 36 — Patriotic and National ObservancesRelease 119-73

§220707 Restrictions

Title 36 › Subtitle Subtitle II— - Patriotic and National Organizations › Part Part B— - Organizations › Chapter CHAPTER 2207— - UNITED STATES SUBMARINE VETERANS OF WORLD WAR II › § 220707

Last updated Apr 6, 2026|Official source

Summary

Cannot issue stock or pay dividends. Cannot take part in political activity or try to influence laws. While its charter lasts, income or assets cannot go to directors, officers, or members, except for reasonable pay or expense reimbursement approved by the board. Cannot lend to officers, directors, or employees or claim U.S. government approval.

Full Legal Text

Title 36, §220707

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 director or officer as such may not contribute to, support, or otherwise participate in any political activity or in any manner attempt to influence legislation.
(c)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.
(d)The corporation may not make a loan to a director, officer, or employee.
(e)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) 220707(a)36:1808(d).Nov. 20, 1981, Pub. L. 97–83, § 8, 95 Stat. 1095. 220707(b)36:1808(c). 220707(c)36:1808(a). 220707(d)36:1808(b). 220707(e)36:1808(e). In subsection (a), the words “any shares of” are omitted as unnecessary. In subsection (b), the words “as such” are substituted for “acting as such officer or director” for consistency in the revised title. In subsection (c), the words “may not” are substituted for “No part of . . . shall” for consistency in the revised title and to eliminate unnecessary words. The words “inure to the benefit of” are substituted for “inure to” for consistency in the revised title. The words “This subsection does not” are substituted for “Nothing in this subsection shall be construed to” for consistency in the revised title and to eliminate unnecessary words.

Reference

Citations & Metadata

Citation

36 U.S.C. § 220707

Title 36 — Patriotic and National Observances

Last Updated

Apr 6, 2026

Release point: 119-73