Title 36 — Patriotic and National ObservancesRelease 119-73not60
§190308 Restrictions
Title 36 › Subtitle Subtitle II— Patriotic and National Organizations › Part B— Organizations › Chapter 1903— RETIRED ENLISTED ASSOCIATION, INCORPORATED › § 190308
Summary
The corporation must not sell stock, pay dividends, or lend money to any director, officer, member, or employee. While its charter lasts, its funds and property can't benefit them personally, though fair pay and board-approved expense reimbursement is allowed. It must not claim U.S. government approval.
Full Legal Text
Title 36, §190308
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 during the life of the charter granted by this chapter. 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 directors.
(c)The corporation may not make a loan to a director, officer, or employee.
(d)The corporation may not claim congressional approval or the authority of the United States Government for any of its activities.
Legislative History
Notes & Related Subsidiaries
Historical and Revision Notes
Revised SectionSource (U.S. Code)Source (Statutes at Large) 190308(a)36:5109(c).Oct. 23, 1992, Pub. L. 102–484, title XVIII, § 1829, 106 Stat. 2585. 190308(b)36:5109(a). 190308(c)36:5109(b). 190308(d)36:5109(d). In subsection (a), the words “any shares of” are omitted as unnecessary. In subsection (b), the words “This subsection does not” are substituted for “Nothing in this subsection shall be construed to” for consistency in the revised title. In subsection (d), the words “by virtue of this chapter” are omitted as unnecessary.
Reference
Citations & Metadata
Citation
36 U.S.C. § 190308
Title 36 — Patriotic and National Observances
Last Updated
Apr 5, 2026
Release point: 119-73not60