Title 36 — Patriotic and National ObservancesRelease 119-73not60

§140406 Restrictions

Title 36 › Subtitle Subtitle II— Patriotic and National Organizations › Part B— Organizations › Chapter 1404— MILITARY OFFICERS ASSOCIATION OF AMERICA › § 140406

Last updated Apr 5, 2026|Official source

Summary

The corporation cannot create stock or pay dividends. Its money and property must not be used to help or be handed out to any director, officer, or member while its charter under this chapter is in effect. That rule does not stop the corporation from paying reasonable pay to officers or employees or repaying actual necessary expenses if the board of directors approves the amounts. The corporation also cannot lend money to any director, officer, employee, or member. It must not say that Congress or the U.S. Government approves or controls its activities. The corporation must remain incorporated under the laws of the Commonwealth of Virginia.

Full Legal Text

Title 36, §140406

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 of the corporation 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 of the corporation 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 of the corporation.

(d)The corporation may not claim congressional approval or the authority of the United States Government for any of its activities.

(e)The corporation shall maintain its status as a corporation incorporated under the laws of the Commonwealth of Virginia.

Reference

Citations & Metadata

Citation

36 U.S.C. § 140406

Title 36 — Patriotic and National Observances

Last Updated

Apr 5, 2026

Release point: 119-73not60