Federal · Title 36 — Patriotic and National Observances, Ceremonies, and Organizations
36 U.S.C. § 150409: Restrictions
Read the full statutory text
issue any shares of stock; or declare or pay any dividends. inure to any person who is a member, officer, or director of the corporation; or be distributed to any such person during the life of the charter granted by this chapter. Nothing in this subsection prevents the payment of reasonable compensation to the officers of the corporation, or reimbursement for actual and necessary expenses, in amounts approved by the board of directors. The corporation may not make any loan to any officer, director, member, or employee of the corporation. The corporation may not claim congressional approval or Federal Government authority by virtue of the charter granted by this chapter for any of the activities of the corporation.
Verify at the official source: Federal legislative text
Facing this? Know exactly what happens next.
MOFRD turns this code section into your situation: the deadlines that apply to you, the forms your county uses, and the resolution paths people in your position actually take. Free for 3 days — no card required.
This page is legal information, not legal advice. Code text is sourced from official publications and may lag amendments — always confirm at the official source linked above. Plain-English summaries and relationship data are AI-derived and reviewed on an ongoing basis; verify with a licensed attorney before acting.