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Title 36 — Patriotic and National ObservancesRelease 119-73

§230508 Restrictions

Title 36 › Subtitle Subtitle II— - Patriotic and National Organizations › Part Part B— - Organizations › Chapter CHAPTER 2305— - VIETNAM VETERANS OF AMERICA, INC. › § 230508

Last updated Apr 6, 2026|Official source

Summary

The corporation cannot sell stock, pay dividends, or let its money or property go to any director, officer, or member while its charter is active. Officers can be paid reasonable wages and be repaid needed expenses if the board approves, but the corporation cannot lend money to a director, officer, or employee or claim that Congress or the U.S. Government approves or controls its actions.

Full Legal Text

Title 36, §230508

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) 230508(a)36:3809(c).May 23, 1986, Pub. L. 99–318, § 9, 100 Stat. 475. 230508(b)36:3809(a). 230508(c)36:3809(b). 230508(d)36:3809(d). In subsection (a), the words “any shares of” are omitted as unnecessary. In subsection (b), the words “No part of” are omitted as unnecessary. The words “inure to the benefit of” are substituted for “inure to”, the words “the charter granted by this chapter” are substituted for “this charter”, and the words “This subsection does not prevent” are substituted for “Nothing in this subsection shall be construed to prevent”, for consistency in the revised title. In subsection (d), the words “by virtue of this chapter” are omitted as unnecessary.

Reference

Citations & Metadata

Citation

36 U.S.C. § 230508

Title 36 — Patriotic and National Observances

Last Updated

Apr 6, 2026

Release point: 119-73