Title 36 — Patriotic and National ObservancesRelease 119-73not60
§70307 Restrictions
Title 36 › Subtitle Subtitle II— Patriotic and National Organizations › Part B— Organizations › Chapter 703— FORMER MEMBERS OF CONGRESS › § 70307
Summary
The corporation may not sell stock, pay dividends, take part in politics or try to influence laws, give its income or assets to directors, officers, or members, make loans to insiders, or claim U.S. approval; officers may get board‑approved reasonable pay and expense reimbursement.
Full Legal Text
Title 36, §70307
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 participate in any political activity or in any manner attempt to influence legislation.
(c)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.
(d)The corporation may not make a loan to a director, officer, or employee.
(e)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) 70307(a)36:2208(d).Jan. 8, 1983, Pub. L. 97–427, § 8, 96 Stat. 2266. 70307(b)36:2208(c). 70307(c)36:2208(a). 70307(d)36:2208(b). 70307(e)36:2208(e). In subsection (a), the words “any shares of” are omitted as unnecessary. In subsection (b), the words “as such” are substituted for “acting as such officer or director” for consistency in the revised title. The word “otherwise” is omitted as unnecessary. In subsection (c), 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. § 70307
Title 36 — Patriotic and National Observances
Last Updated
Apr 5, 2026
Release point: 119-73not60