Title 36, Patriotic and National ObservancesRelease 119-110

§150409 Restrictions

Title 36 › Subtitle II — Patriotic and National Organizations › Part B — Organizations › CHAPTER 1504 — NATIONAL AMERICAN INDIAN VETERANS, INCORPORATED › § 150409

Last updated Sep 22, 2026|Official source

Summary

The corporation cannot issue stock or pay dividends. Its income and assets cannot go to members, officers, or directors, and they cannot get those funds while the charter lasts. The board may approve reasonable pay for officers and reimburse real, necessary expenses. The corporation cannot make loans to officers, directors, members, or employees. It also cannot say that Congress or the federal government approves or authorizes its activities because it has this charter.

Full Legal Text

Title 36, §150409

Patriotic and National Observances, Source: USLM XML via OLRC

(a)Stock and Dividends.—

The corporation may not—

(1)issue any shares of stock; or

(2)declare or pay any dividends.

(b)Distribution of Income or Assets.—

(1)In general.—

The income or assets of the corporation may not—

(A)inure to any person who is a member, officer, or director of the corporation; or

(B)be distributed to any such person during the life of the charter granted by this chapter.

(2)Effect.—

Nothing in this subsection prevents the payment of reasonable compensation to the officers of the corporation, or reimbursement for actual and necessary expenses, in amounts approved by the board of directors.

(c)Loans.—

The corporation may not make any loan to any officer, director, member, or employee of the corporation.

(d)No Federal Endorsement.—

The corporation may not claim congressional approval or Federal Government authority by virtue of the charter granted by this chapter for any of the activities of the corporation.

Reference

Citations & Metadata

Citation

36 U.S.C. § 150409

Title 36, Patriotic and National Observances

Last Updated

Sep 22, 2026

Release point: 119-110