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Title 36 — Patriotic and National ObservancesRelease 119-73not60

§220308 Restrictions

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

Last updated Apr 5, 2026|Official source

Summary

The corporation must not issue stock or pay any dividends. Its money and property cannot be given to or used for the personal benefit of trustees, officers, or members while it exists or when it is closed, except it may pay reasonable wages or reimburse actual expenses if the board of trustees approves. The corporation also must not lend money to trustees, officers, or employees; trustees or officers who approve or make such a loan are each responsible, together and separately, to the corporation for the loan amount until it is repaid.

Full Legal Text

Title 36, §220308

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 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)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

Apr 5, 2026

Release point: 119-73not60