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Title 36, Patriotic and National ObservancesRelease 119-110

§20207 Restrictions

Title 36 › Subtitle II — Patriotic and National Organizations › Part B — Organizations › CHAPTER 202 — AIR FORCE SERGEANTS ASSOCIATION › § 20207

Last updated Sep 22, 2026|Official source

Summary

The corporation cannot issue stock or pay dividends. Its income and assets cannot go to a director, officer, or member while the charter granted by this chapter lasts, except it may pay reasonable wages and reimburse necessary expenses if the board of directors approves. It cannot lend money to directors, officers, employees, or members. It also cannot say that Congress or the U.S. Government approves or gives it authority for its activities.

Full Legal Text

Title 36, §20207

Patriotic and National Observances, Source: USLM XML via OLRC

(a)Stock and Dividends.—
The corporation may not issue stock or declare or pay a dividend.
(b)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 during the life of the charter granted by this chapter. This subsection does not prevent the payment of reasonable compensation to an officer or employee or reimbursement for actual necessary expenses in amounts approved by the board of directors.
(c)Loans.—
The corporation may not make a loan to a director, officer, employee, or member.
(d)Claim of Governmental Approval or Authority.—
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) 20207(a)36 App.:5808(c).Nov. 18, 1997, Pub. L. 105–85, title XV, § 1508(a)–(d), 111 Stat. 1964. 20207(b)36 App.:5808(a). 20207(c)36 App.:5808(b). 20207(d)36 App.:5808(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 may 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. § 20207

Title 36, Patriotic and National Observances

Last Updated

Sep 22, 2026

Release point: 119-110