Title 36 — Patriotic and National ObservancesRelease 119-73not60
§130507 Restrictions
Title 36 › Subtitle Subtitle II— Patriotic and National Organizations › Part B— Organizations › Chapter 1305— LITTLE LEAGUE BASEBALL, INCORPORATED › § 130507
Summary
The corporation cannot issue stock, pay dividends, or support political parties or candidates. Its money and property cannot go to directors, officers, or members, though the board may approve reasonable pay for officers. The corporation cannot loan to directors, officers, or employees; those who approve must repay.
Full Legal Text
Title 36, §130507
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, officer, or agent as such may not contribute to, support, or assist any political party or candidate for office.
(c)The income and 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 corporation or on its dissolution or final liquidation. This subsection does not prevent the payment of reasonable compensation to an officer in an amount approved by the board of directors.
(d)The corporation may not make a loan to a director, officer, or employee. Directors who vote for or assent to making a loan to a director, officer, or employee, and officers who participate in making the loan, are jointly and severally liable to the corporation for the amount of the loan until it is repaid.
Legislative History
Notes & Related Subsidiaries
Historical and Revision Notes
Revised SectionSource (U.S. Code)Source (Statutes at Large) 130507(a)36:1082.July 16, 1964, Pub. L. 88–378, §§ 9, 10, 12, 78 Stat. 327. 130507(b)36:1080. 130507(c)36:1079(a). 130507(d)36:1079(b). In subsection (a), the words “any shares of” are omitted as unnecessary. In subsection (b), the words “or otherwise” are omitted as unnecessary. In subsection (c), 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.
Reference
Citations & Metadata
Citation
36 U.S.C. § 130507
Title 36 — Patriotic and National Observances
Last Updated
Apr 5, 2026
Release point: 119-73not60