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Title 36 — Patriotic and National ObservancesRelease 119-73not60

§22307 Restrictions

Title 36 › Subtitle Subtitle II— Patriotic and National Organizations › Part B— Organizations › Chapter 223— AMERICAN SYMPHONY ORCHESTRA LEAGUE › § 22307

Last updated Apr 5, 2026|Official source

Summary

The corporation cannot issue stock or pay dividends. It also cannot give money or help to a political party or to someone running for public office. The corporation’s money or property cannot be used for the personal gain of its directors, officers, or members while the corporation exists or when it is closed. Officers may be paid only if the board of directors approves the amount. The corporation cannot make a loan or advance to a director, officer, or employee. If directors vote for such a loan or officers help make it, each of them can be held responsible for repaying the full amount to the corporation until it is paid back.

Full Legal Text

Title 36, §22307

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 director or officer as such may not contribute to, support, or assist a political party or candidate for public office.
(c)The income or assets of the corporation may not inure to the benefit of, or be distributed to, a director, 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 compensation to an officer in an amount approved by the board of directors.
(d)The corporation may not make a loan or advance to a director, officer, or employee. Directors who vote for or assent to making a loan or advance to a director, 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) 22307(a)36:3412.Oct. 15, 1962, Pub. L. 87–817, §§ 9, 10, 12, 76 Stat. 932. 22307(b)36:3410. 22307(c)36:3409(a). 22307(d)36:3409(b). In subsection (a), the words “any 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. In subsection (d), the words “or advance” are added in 2 places for consistency in the subsection.

Reference

Citations & Metadata

Citation

36 U.S.C. § 22307

Title 36 — Patriotic and National Observances

Last Updated

Apr 5, 2026

Release point: 119-73not60