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Title 36, Patriotic and National ObservancesRelease 119-110

§220308 Restrictions

Title 36 › Subtitle II — Patriotic and National Organizations › Part B — Organizations › CHAPTER 2203 — UNITED STATES CAPITOL HISTORICAL SOCIETY › § 220308

Last updated Sep 22, 2026|Official source

Summary

The corporation must not issue stock or pay dividends. Its income or assets cannot go to a trustee, officer, or member while it exists or when it is closed, except the board of trustees may approve reasonable pay and reimburse actual expenses. The corporation may not lend to trustees, officers, or employees; trustees who agreed to such a loan and officers who helped approve it are legally responsible for the loan amount until it is repaid.

Full Legal Text

Title 36, §220308

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 trustee, officer, or member as such 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 employee or reimbursement for actual expenses in amounts approved by the board of trustees.
(c)Loans.—
The corporation may not make a loan or advance to a trustee, officer, or employee. Trustees who vote for or assent to making a loan or advance to a trustee, officer, or employee, and officers who participate in making the loan or advance, are jointly and severally liable to the corporation for the amount of the loan or advance until it is repaid.

Legislative History

Notes & Related Subsidiaries

Historical and Revision Notes

Revised SectionSource (U.S. Code)Source (Statutes at Large) 220308(a)36:1211.Oct. 20, 1978, Pub. L. 95–493, §§ 9, 11, 92 Stat. 1646. 220308(b)36:1209(a). 220308(c)36:1209(b). In subsection (a), the words “any shares of” are omitted as unnecessary. In subsection (b), the words “inure to the benefit of” are substituted for “inure to” for consistency in the revised title. The words “This subsection does not prevent” are substituted for “Nothing in this subsection, however, shall be construed to prevent” for consistency in the revised title and to eliminate unnecessary words. In subsection (c), the words “or advance” are added the first time they appear for consistency in the subsection. The word “Trustees” is substituted for “Any director”, and the word “trustee” is substituted for “director”, for clarity and consistency in the revised chapter.

Reference

Citations & Metadata

Citation

36 U.S.C. § 220308

Title 36, Patriotic and National Observances

Last Updated

Sep 22, 2026

Release point: 119-110