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Title 36, Patriotic and National ObservancesRelease 119-110

§152307 Restrictions

Title 36 › Subtitle II — Patriotic and National Organizations › Part B — Organizations › CHAPTER 1523 — NATIONAL MUSIC COUNCIL › § 152307

Last updated Sep 22, 2026|Official source

Summary

The corporation may not operate to make a profit. It cannot issue stock or pay dividends. It must not give money or help to a political party or a candidate. Its income or assets cannot go to a director, officer, or member except when the corporation is closing. It may not lend money to directors, officers, or employees; anyone who approves or helps make such a loan must each be responsible for repaying the full amount to the corporation until it is paid back.

Full Legal Text

Title 36, §152307

Patriotic and National Observances, Source: USLM XML via OLRC

(a)Profit.—
The corporation may not engage in business for profit.
(b)Stock and Dividends.—
The corporation may not issue stock or declare or pay a dividend.
(c)Political Activities.—
The corporation or a director, officer, or member as such may not contribute to, support, or assist a political party or candidate for elective public office.
(d)Distribution of Income or Assets.—
The income or assets of the corporation may not inure to the benefit of, or be distributed to, a director, officer, or member except on dissolution or final liquidation of the corporation.
(e)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) 152307(a)36:672 (words after comma).Aug. 1, 1956, ch. 824, §§ 9, 10, 12, 70 Stat. 796. 152307(b)36:672 (words before comma). 152307(c)36:670. 152307(d)36:669(a). 152307(e)36:669(b). In subsection (a), the word “pecuniary” is omitted as unnecessary. In subsection (b), the words “any shares of” are omitted as unnecessary. In subsection (d), the words “inure to the benefit of” are substituted for “inure to” for consistency in the revised title. The words “as provided in section 675 of this title” are omitted as unnecessary.

Reference

Citations & Metadata

Citation

36 U.S.C. § 152307

Title 36, Patriotic and National Observances

Last Updated

Sep 22, 2026

Release point: 119-110