Title 36 — Patriotic and National ObservancesRelease 119-73
§70107 Restrictions
Title 36 › Subtitle Subtitle II— - Patriotic and National Organizations › Part Part B— - Organizations › Chapter CHAPTER 701— - FLEET RESERVE ASSOCIATION › § 70107
Summary
While chartered, the corporation must not issue stock, pay dividends, make loans, or use income or assets to benefit its leaders or members. Board may approve reasonable pay and reimbursements. No claiming Congress or U.S. Government approval.
Full Legal Text
Title 36, §70107
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 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, employee, or member.
(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) 70107(a)36:5608(c).Sept. 23, 1996, Pub. L. 104–201, title XVIII, § 1808(a)–(d), 110 Stat. 2761. 70107(b)36:5608(a). 70107(c)36:5608(b). 70107(d)36:5608(d). In subsection (a), the words “any shares of” are omitted as unnecessary. In subsection (b), the words “This subsection does not” are substituted for “Nothing in this subsection may be construed to” 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. § 70107
Title 36 — Patriotic and National Observances
Last Updated
Apr 6, 2026
Release point: 119-73