Title 36, Patriotic and National ObservancesRelease 119-110
§230508 Restrictions
Title 36 › Subtitle II — Patriotic and National Organizations › Part B — Organizations › CHAPTER 2305 — VIETNAM VETERANS OF AMERICA, INC. › § 230508
Summary
Cannot issue stock or pay dividends; while charter exists, income/assets cannot benefit directors, officers, or members (reasonable pay and board‑approved expense reimbursement allowed); no loans to directors, officers, employees; cannot claim U.S. approval.
Full Legal Text
Title 36, §230508
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 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, or employee.
(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) 230508(a)36:3809(c).May 23, 1986, Pub. L. 99–318, § 9, 100 Stat. 475. 230508(b)36:3809(a). 230508(c)36:3809(b). 230508(d)36:3809(d). In subsection (a), the words “any shares of” are omitted as unnecessary. In subsection (b), the words “No part of” are omitted as unnecessary. The words “inure to the benefit of” are substituted for “inure to”, the words “the charter granted by this chapter” are substituted for “this charter”, and the words “This subsection does not prevent” are substituted for “Nothing in this subsection shall be construed to prevent”, 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. § 230508
Title 36, Patriotic and National Observances
Last Updated
Sep 22, 2026
Release point: 119-110