H.R.2070 - To grant a Federal charter to the Fleet Reserve Association.102nd Congress (1991-1992)
|Sponsor:||Rep. Montgomery, G. V. (Sonny) [D-MS-3] (Introduced 04/24/1991)|
|Committees:||House - Judiciary|
|Latest Action:||House - 05/01/1991 Referred to the Subcommittee on Administrative Law and Governmental Relations. (All Actions)|
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Text: H.R.2070 — 102nd Congress (1991-1992)All Information (Except Text)
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- Bill and resolution texts for 1989-1992 (101st-102nd Congresses) predate authenticated digital publishing.
Introduced in House
HR 2070 IH 102d CONGRESS 1st Session H. R. 2070 To grant a Federal charter to the Fleet Reserve Association. IN THE HOUSE OF REPRESENTATIVES April 24, 1991 Mr. MONTGOMERY (for himself and Mr. STUMP) introduced the following bill; which was referred to the Committee on the Judiciary A BILL To grant a Federal charter to the Fleet Reserve Association. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. FEDERAL CHARTER. The Fleet Reserve Association, a nonprofit corporation organized under the laws of the State of Delaware, is recognized and granted a Federal charter. SEC. 2. POWERS. The association shall have only the powers granted to it through its bylaws and articles of incorporation filed in the States in which it is incorporated and subject to the laws of such States. SEC. 3. PURPOSES. The purposes of the association are those provided in its bylaws and articles of incorporation and shall include-- (1) upholding and defending the Constitution of the United States; (2) aiding in maintaining an adequate naval defense for the United States; (3) assisting in recruiting the best personnel available for the United States Navy, Marine Corps, and Coast Guard; (4) providing for the welfare of the personnel who serve in the United States Navy, Marine Corps, and Coast Guard; (5) continuing to loyally serve the United States Navy, Marine Corps, and Coast Guard; (6) preserving the spirit of shipmanship by providing assistance to shipmates and their families; and (7) instilling love of the United States and the flag and promoting soundness of mind and body in the youth of the United States. SEC. 4. SERVICE OF PROCESS. With respect to service of process, the association shall comply with the laws of the States in which it is incorporated and the States in which it carries on its activities in furtherance of its corporate purposes. SEC. 5. MEMBERSHIP. Eligibility for membership in the association and the rights and privileges of members shall be as provided in the bylaws and articles of incorporation of the association. SEC. 6. BOARD OF DIRECTORS. The composition of the board of directors of the association and the responsibilities of the board shall be as provided in the bylaws and articles of incorporation of the association and in conformity with the laws of the States in which it is incorporated. SEC. 7. OFFICERS. The officers of the association and the election of the officers shall be as provided in the bylaws and articles of incorporation of the association and in conformity with the laws of the States in which it is incorporated. SEC. 8. RESTRICTIONS. (a) USE OF INCOME AND ASSETS- No part of the income or assets of the association may inure to any member, officer, or director of the association or be distributed to any such individual during the life of this charter. This subsection may not be construed to prevent the payment of reasonable compensation to the officers and employees of the association or reimbursement for actual and necessary expenses in amounts approved by the board of directors. (b) LOANS- The association may not make any loan to any member, officer, director, or employee of the association. (c) ISSUANCE OF STOCK AND PAYMENT OF DIVIDENDS- The association may not issue any shares of stock or declare or pay any dividend. (d) CLAIMS OF FEDERAL APPROVAL- The association may not claim the approval of the Congress or the authorization of the Federal Government for any of its activities. (e) CORPORATE STATUS- The association shall maintain its status as a corporation organized and incorporated under the laws of the State of Delaware. (f) CORPORATE FUNCTION- The association shall function as an educational, patriotic, civic, historical, and research organization under the laws of the States in which it is incorporated. (g) NONDISCRIMINATION- The terms of membership and the conditions for serving as an officer or director in the association may not discriminate on the basis of race, color, religion, sex, handicap, age, or national origin. SEC. 9. LIABILITY. The association shall be liable for the acts of its officers, directors, employees, and agents whenever such individuals act within the scope of their authority. SEC. 10. MAINTENANCE AND INSPECTION OF BOOKS AND RECORDS. (a) BOOKS AND RECORDS OF ACCOUNT- The association shall keep correct and complete books and records of account and minutes of any proceeding of the association involving any of its members, the board of directors, or any committee having authority under the board of directors. (b) NAMES AND ADDRESSES OF MEMBERS- The association shall keep at its principal office a record of the names and addresses of all members having the right to vote in any proceeding of the association. (c) RIGHT TO INSPECT BOOKS AND RECORDS- All books and records of the association may be inspected by any member having the right to vote in any proceeding of the association, or by any agent or attorney of such member, for any proper purpose at any reasonable time. (d) APPLICATION OF STATE LAW- This section may not be construed to contravene any applicable State law. SEC. 11. AUDIT OF FINANCIAL TRANSACTIONS. The first section of the Act entitled `An Act to provide for audit of accounts of private corporations established under Federal law', approved August 30, 1964 (36 U.S.C. 1101), is amended by adding at the end the following: `Fleet Reserve Association.'. SEC. 12. ANNUAL REPORT. The association shall annually submit to the Congress a report concerning the activities of the association during the preceding fiscal year. The annual report shall be submitted on the same date as the report of the audit required by reason of the amendment made in section 11. The annual report may not be printed as a public document. SEC. 13. DEFINITIONS. For purposes of this Act: (1) The term `association' means the Fleet Reserve Association. (2) The term `State' means any of the several States, the District of Columbia, the Commonwealth of Puerto Rico, the Commonwealth of the Northern Mariana Islands, the Virgin Islands, Guam, American Samoa, the Trust Territories of the Pacific Islands, or any other territory or possession of the United States. SEC. 14. TAX-EXEMPT STATUS. The association shall maintain its status as an organization exempt from taxation as provided in the Internal Revenue Code of 1986. SEC. 15. TERMINATION. The charter granted in this Act shall expire if the association fails to comply with any of the provisions of this Act.