Title 36 of the U.S. Code § 150409 - Restrictions

Full text of § 150409 from Title 36 of the United States Code.

§ 150409. Restrictions

(a) Stock and Dividends.—The corporation may not—

(1) issue any shares of stock; or

(2) declare or pay any dividends.

(b) Distribution of Income or Assets.—

(1) In general.—The income or assets of the corporation may not—

(A) inure to any person who is a member, officer, or director of the corporation; or

(B) be distributed to any such person during the life of the charter granted by this chapter.

(2) Effect.—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.

(d) No Federal Endorsement.—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.

(Added Pub. L. 118–31, div. E, title LI, §5103(a), Dec. 22, 2023, 137 Stat. 937.)

About This Section

36 U.S.C. § 150409 is part of Title 36 of the United States Code. The United States Code is the official codification of federal statutes maintained by the Office of the Law Revision Counsel of the U.S. House of Representatives. Congress amends the Code through new public laws, which are eventually incorporated into the relevant title.

This section may be cited in legal writing as 36 U.S.C. § 150409. For the most current official text, including any recent amendments, use the official source links below. Do not rely on this page as the sole authority for legal citation or litigation.

How to Read This Statute

Statutes are organized by title, chapter, section, and subsection. Pay attention to words like "shall," "may," "and," and "or," because they determine whether a requirement is mandatory or permissive and whether multiple conditions must all be met. Historical notes and amendments often appear at the end of a section.

Using This Page

This page is intended for research and educational use. Lawyers, students, journalists, and compliance professionals can use it as a starting point, but should always verify the current text through an official government source before relying on it for legal advice, filings, or compliance decisions.