[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5650 Introduced in House (IH)]
113th CONGRESS
2d Session
H. R. 5650
To grant a Federal charter to the National Academy of Inventors.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
September 18, 2014
Mr. Ross introduced the following bill; which was referred to the
Committee on the Judiciary
_______________________________________________________________________
A BILL
To grant a Federal charter to the National Academy of Inventors.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. GRANT OF FEDERAL CHARTER TO THE NATIONAL ACADEMY OF
INVENTORS.
(a) Grant of Charter.--Part B of subtitle II of title 36, United
States Code, is amended by inserting after chapter 1503 the following
new chapter:
``CHAPTER 1504--NATIONAL ACADEMY OF INVENTORS
``Sec. 150401. Findings
``Congress finds the following:
``(1) The majority of our Nation's basic research is done
at our colleges and universities.
``(2) The National Academy of Inventors recognizes and
encourages inventors who have a patent issued from the United
States Patent and Trademark Office.
``(3) The National Academy of Inventors enhances the
visibility of university and non-profit research institute
technology and academic innovation.
``(4) The National Academy of Inventors encourages the
disclosure of intellectual property.
``(5) The National Academy of Inventors educates and
mentors innovative students.
``(6) The systematic application of organized knowledge and
information can generate technology and produce creative
solutions to existing problems.
``(7) Innovation, based on new inventions and technologies,
has proven to be a key factor in the industrial and economic
development of the world.
``(8) The National Academy of Inventors serves a valuable
role in the translation of science and technology within the
university and non-profit research institute community, and for
the benefit of society.
``(9) Congress supports the mission of the National Academy
of Inventors to encourage the translation of the inventions of
its members to benefit society.
``Sec. 150402. Organization
``(a) Federal Charter.--The National Academy of Inventors, a not
for profit organization that meets the requirements under section
501(c)(3) of the internal revenue code, and is organized under the laws
of the State of Florida, is a federally chartered organization.
``(b) Expiration of Charter.--If the organization does not comply
with the provisions of this chapter, the charter granted shall expire.
``Sec. 150403. Purposes
``The purposes of the organization are as provided in its bylaws
and articles of incorporation.
``Sec. 150404. Governing body
``(a) Board of Directors.--The composition of the board of
directors for the organization, and the responsibilities of the board
are as provided in the articles of incorporation and bylaws of the
organization.
``(b) Officers.--The positions of officers/executive committee
members of the organization, and the election of the officers and
executive committee members, are as provided in the articles of
incorporation and bylaws.
``(c) Executive Committee.--The positions of executive committee
members of the organization, and the election of executive committee
members, are as provided in the articles of incorporation and bylaws.
``(d) Executive Advisory Board.--The composition of the executive
advisory board for the organization, and the responsibilities of the
executive advisory board are as provided in the articles of
incorporation and bylaws of the organization.
``Sec. 150405. Powers
``The corporation has only those powers provided in its bylaws and
articles of incorporation filed in each State in which it is
incorporated.
``Sec. 150406. Restrictions
``(a) Stock and Dividends.--The corporation may not issue stock or
declare or pay a dividend.
``(b) Distribution of Income or Assets.--No part of the income or
assets of this Corporation will be distributed, to its Directors or
Officers. However, the corporation may contract in due course of
business with its Officers or Directors for services rendered to the
extent permissible under the articles of incorporation, under law and
under section 501(c)(3) of the United States Internal Revenue Code of
1986.
``(c) Loans.--The organization may not loan money to any of its
directors or officers.
``(d) Corporate Status.--The organization shall maintain its status
as a corporation incorporated under the laws of the State of Florida.
``Sec. 150407. Tax-exempt status required as a condition of charter
``If the corporation fails to maintain its status as an
organization exempt from taxation under the Internal Revenue Code of
1986, the charter granted under this chapter shall terminate.
``Sec. 150408. Records
``The organization shall keep--
``(1) correct and complete records of account;
``(2) minutes of the proceedings of the members, board of
directors, and committees of the corporation having any of the
authority of the board of directors of the corporation; and
``(3) at the principal office of the corporation, a record
of the names and addresses of the members of the corporation
entitled to vote on matters relating to the corporation.
``Sec. 150409. Liability for acts of officers and agents
``The organization is liable for any act of any officer or agent of
the corporation acting within the scope of the authority of the
corporation.
``Sec. 150410. Annual report
``The corporation shall transmit to Congress an annual report on
the activities of the corporation during the preceding fiscal year. The
report shall be submitted at the same time as the report of the audit
required. The report may not be printed as a public document.''.
(b) Clerical Amendment.--The table of chapters at the beginning of
subtitle II of title 36, United States Code, is amended by inserting
after the item relating to chapter 1503 the following new item:
``1504. National Academy of
Inventors..............................150401''.
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