Title 36 — Patriotic and National ObservancesRelease 119-73
§40107 Restrictions
Title 36 › Subtitle Subtitle II— - Patriotic and National Organizations › Part Part B— - Organizations › Chapter CHAPTER 401— - CATHOLIC WAR VETERANS OF THE UNITED STATES OF AMERICA, INCORPORATED › § 40107
Summary
Stops the corporation from issuing stock, paying dividends, or lending to directors, officers, or employees. Its income and assets can't benefit them while the charter exists, except reasonable pay approved by the board. Must not claim congressional or U.S. authority.
Full Legal Text
Title 36, §40107
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 employee in an amount 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) 4010736:2608.Aug. 17, 1984, Pub. L. 98–382, § 8, 98 Stat. 1344. 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.
Reference
Citations & Metadata
Citation
36 U.S.C. § 40107
Title 36 — Patriotic and National Observances
Last Updated
Apr 6, 2026
Release point: 119-73