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Title 36 — Patriotic and National ObservancesRelease 119-73not60

§152307 Restrictions

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

Last updated Apr 5, 2026|Official source

Summary

The corporation must not operate to make a profit, sell stock, or pay dividends. It also must not give money or other help to a political party or to anyone running for public office. Its income and property cannot be used by or given to any director, officer, or member except when the corporation closes and its final assets are distributed. The corporation may not lend money to a director, officer, or employee, and any director who votes for such a loan or officer who helps make it is each responsible for the full loan amount to the corporation until it is repaid.

Full Legal Text

Title 36, §152307

Patriotic and National Observances — Source: USLM XML via OLRC

(a)The corporation may not engage in business for profit.
(b)The corporation may not issue stock or declare or pay a dividend.
(c)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)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)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

Apr 5, 2026

Release point: 119-73not60