
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 23, 2000]
[Document not affected by Public Laws enacted between
  January 23, 2000 and December 4, 2001]
[CITE: 36USC130306]

 
     TITLE 36--PATRIOTIC AND NATIONAL OBSERVANCES, CEREMONIES, AND 
                              ORGANIZATIONS
 
            Subtitle II--Patriotic and National Organizations
 
                          Part B--Organizations
 
     CHAPTER 1303--LEGION OF VALOR OF THE UNITED STATES OF AMERICA, 
                              INCORPORATED
 
Sec. 130306. Restrictions

    (a) Stock and Dividends.--The corporation may not issue stock or 
declare or pay a dividend.
    (b) Political Activities.--The corporation or a director or officer 
as such may not contribute to, support, or assist a political party or 
candidate for public office.
    (c) 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 except on dissolution or final liquidation 
of the corporation. This subsection does not prevent the payment of 
compensation to an officer in an amount approved by the executive 
committee of the corporation.
    (d) Loans.--The corporation may not make a loan to a director, 
officer, or employee. Directors who vote for or assent to making a loan 
to a director, officer, or employee, and officers who participate in 
making the loan, are jointly and severally liable to the corporation for 
the amount of the loan until it is repaid.

(Pub. L. 105-225, Aug. 12, 1998, 112 Stat. 1375.)

                                          Historical and Revision Notes
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           Revised  Section                    Source (U.S. Code)              
 Source (Statutes at Large)
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---------------------------------
130306(a).............................  36:642.                          Aug. 4
, 1955, ch. 546, Secs.  9, 10,
                                                                          12, 6
9 Stat. 489.
130306(b).............................  36:640.
130306(c).............................  36:639(a).
130306(d).............................  36:639(b).
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    In subsection (a), the words ``any shares of'' are omitted as 
unnecessary.
    In subsection (b), the words ``or otherwise'' are omitted as 
unnecessary.
    In subsection (c), the words ``inure to the benefit of'' are 
substituted for ``inure to'' for consistency in the revised title. The 
words ``as provided in section 645 of this title'' are omitted as 
unnecessary. The words ``This subsection does not prevent'' are 
substituted for ``Nothing in this subsection, however, shall be 
construed to prevent'' for consistency in the revised title and to 
eliminate unnecessary words. The reference to the ``executive committee 
of the corporation'' is retained although 36:637 and 36:638 do not 
create an executive committee.
