36 USC 210106: Restrictions
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36 USC 210106: Restrictions Text contains those laws in effect on November 21, 2024
From Title 36-PATRIOTIC AND NATIONAL OBSERVANCES, CEREMONIES, AND ORGANIZATIONSSubtitle II-Patriotic and National OrganizationsPart B-OrganizationsCHAPTER 2101-THEODORE ROOSEVELT ASSOCIATION
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§210106. Restrictions

(a) Exclusively Educational Purposes.-The corporation shall be operated exclusively for educational purposes.

(b) Stocks and Dividends.-The corporation may not issue stock or declare or pay a dividend.

(c) Distributions of Income or Assets.-The income or assets of the corporation may not inure to the benefit of any member or individual.

( Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1456 .)

Historical and Revision Notes
Revised

Section

Source (U.S. Code)Source (Statutes at Large)
210106 36:4705. May 31, 1920, ch. 216, §5, 41 Stat. 693 .

In subsection (a), the words "is organized and" are omitted as executed and obsolete.

In subsection (b), the words "certificates of" are omitted as unnecessary.

In subsection (c), the words "income or assets" are substituted for "earnings, income, or funds" for consistency in the revised title.