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Title 36 — Patriotic and National ObservancesRelease 119-73not60

§153507 Restrictions

Title 36 › Subtitle Subtitle II— Patriotic and National Organizations › Part B— Organizations › Chapter 1535— NATIONAL TROPICAL BOTANICAL GARDEN › § 153507

Last updated Apr 5, 2026|Official source

Summary

The corporation may not issue stock, pay dividends, support political parties or candidates, give its income or assets to trustees, officers, or members, or make loans to trustees, officers, or employees. Officers can be paid reasonable wages and be paid back for necessary expenses if the board approves; anyone who votes for or helps make a loan must each be responsible for repaying the entire loan until it is paid back.

Full Legal Text

Title 36, §153507

Patriotic and National Observances — Source: USLM XML via OLRC

(a)The corporation may not issue stock or declare or pay a dividend.
(b)The corporation or a trustee or officer as such may not contribute to, support, or assist a political party or candidate for elective public office.
(c)The income or assets of the corporation may not inure to the benefit of, or be distributed to, a trustee, 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 or reimbursement for actual necessary expenses in amounts approved by the board of trustees.
(d)The corporation may not make a loan to a trustee, officer, or employee. Trustees who vote for or assent to making a loan to a trustee, 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) 153507(a)36:4612.Aug. 19, 1964, Pub. L. 88–449, §§ 12, 13, 15, 78 Stat. 499. 153507(b)36:4615. 153507(c)36:4613(a). 153507(d)36:4613(b). In subsection (a), the words “shares of” 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.

Reference

Citations & Metadata

Citation

36 U.S.C. § 153507

Title 36 — Patriotic and National Observances

Last Updated

Apr 5, 2026

Release point: 119-73not60