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Title 36, Patriotic and National ObservancesRelease 119-110

§130507 Restrictions

Title 36 › Subtitle II — Patriotic and National Organizations › Part B — Organizations › CHAPTER 1305 — LITTLE LEAGUE BASEBALL, INCORPORATED › § 130507

Last updated Sep 22, 2026|Official source

Summary

The corporation cannot issue stock or pay dividends. It and its leaders or agents cannot give money or help to political parties or candidates. The corporation's money and property cannot go to directors, officers, or members while it exists or when it dissolves, except the board may approve reasonable officer pay. The corporation cannot lend to directors, officers, or employees. Any director who votes for such a loan, or officer who helps make it, must repay it and is responsible until it is paid back.

Full Legal Text

Title 36, §130507

Patriotic and National Observances, Source: USLM XML via OLRC

(a)Stock and Dividends.—
The corporation may not issue stock or declare or pay a dividend.
(b)Political Activities.—
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)Distribution of Income or Assets.—
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)Loans.—
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

Sep 22, 2026

Release point: 119-110