Text: H.R.2070 — 102nd Congress (1991-1992)All Information (Except Text)

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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.