Title 36, Patriotic and National ObservancesRelease 119-110

§40107 Restrictions

Title 36 › Subtitle II — Patriotic and National Organizations › Part B — Organizations › CHAPTER 401 — CATHOLIC WAR VETERANS OF THE UNITED STATES OF AMERICA, INCORPORATED › § 40107

Last updated Sep 22, 2026|Official source

Summary

The corporation cannot sell stock or pay dividends. It also cannot let its income or assets go to any director, officer, or member while its charter lasts, though the board can approve reasonable pay for officers or employees. The corporation may not lend money to a director, officer, or employee. It also may not claim that Congress or the U.S. government approves or authorizes its actions.

Full Legal Text

Title 36, §40107

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 in an amount 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 Authorization.—

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) 4010736:2608.Aug. 17, 1984, Pub. L. 98–382, § 8, 98 Stat. 1344. 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.

Reference

Citations & Metadata

Citation

36 U.S.C. § 40107

Title 36, Patriotic and National Observances

Last Updated

Sep 22, 2026

Release point: 119-110