36 U.S. Code § 22707 - Restrictions

(a) Profit.— The corporation shall operate as a not-for-profit corporation, exclusively for charitable, educational, patriotic, and civic improvement purposes.
(b) Stock and Dividends.— The corporation may not issue stock or declare or pay a dividend.
(c) Political Activities.— The corporation or an officer of the corporation or member of its executive committee as such may not contribute to, support, or assist a political party or candidate for elective public office. The corporation may not carry on propaganda.
(d) 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 of the corporation, except on dissolution or final liquidation of the corporation.
(e) Loans.— The corporation may not make a loan or advance to a director or officer. Directors who vote for or assent to making a loan or advance to a director or officer, 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.


(Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1308.)

Historical and Revision Notes
Revised Section Source (U.S. Code) Source (Statutes at Large)
36:67b(11) (1st–8th words and words after semicolon).
July 23, 1947, ch. 298, §§ 3(11), 5(1), (2), 15, 16, 61 Stat. 405, 406, 408.
36:67d(1), (2).
36:67b(11) (9th word through semicolon).

In subsection (b), the words “shares of” are omitted as unnecessary.
In subsection (e), the words “or advance” are added in 2 places for consistency in the subsection.

The table below lists the classification updates, since Jan. 3, 2012, for this section. Updates to a broader range of sections may be found at the update page for containing chapter, title, etc.

The most recent Classification Table update that we have noticed was Tuesday, August 13, 2013

An empty table indicates that we see no relevant changes listed in the classification tables. If you suspect that our system may be missing something, please double-check with the Office of the Law Revision Counsel.

36 USCDescription of ChangeSession YearPublic LawStatutes at Large


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