S.392 - A bill to grant a Federal Charter to Korean War Veterans Association, Incorporated, and for other purposes.107th Congress (2001-2002)
|Sponsor:||Sen. Sarbanes, Paul S. [D-MD] (Introduced 02/27/2001)|
|Committees:||Senate - Judiciary | House - Judiciary|
|Latest Action:||House - 03/18/2002 Referred to the Subcommittee on Immigration and Claims. (All Actions)|
This bill has the status Passed Senate
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Text: S.392 — 107th Congress (2001-2002)All Information (Except Text)
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Referred in House (01/23/2002)
[Congressional Bills 107th Congress] [From the U.S. Government Printing Office] [S. 392 Referred in House (RFH)] 2d Session S. 392 _______________________________________________________________________ IN THE HOUSE OF REPRESENTATIVES January 23, 2002 Referred to the Committee on the Judiciary _______________________________________________________________________ AN ACT To grant a Federal charter to Korean War Veterans Association, Incorporated, and for other purposes. 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 KOREAN WAR VETERANS ASSOCIATION, INCORPORATED. (a) Grant of Charter.--Part B of subtitle II of title 36, United States Code, is amended-- (1) by striking the following: ``CHAPTER 1201--[RESERVED]''; and (2) by inserting the following: ``CHAPTER 1201--KOREAN WAR VETERANS ASSOCIATION, INCORPORATED ``Sec. ``120101. Organization. ``120102. Purposes. ``120103. Membership. ``120104. Governing body. ``120105. Powers. ``120106. Restrictions. ``120107. Duty to maintain corporate and tax-exempt status. ``120108. Records and inspection. ``120109. Service of process. ``120110. Liability for acts of officers and agents. ``120111. Annual report. ``Sec. 120101. Organization ``(a) Federal Charter.--Korean War Veterans Association, Incorporated (in this chapter, the `corporation'), incorporated in the State of New York, is a federally chartered corporation. ``(b) Expiration of Charter.--If the corporation does not comply with the provisions of this chapter, the charter granted by subsection (a) expires. ``Sec. 120102. Purposes ``The purposes of the corporation are as provided in its articles of incorporation and include-- ``(1) organizing, promoting, and maintaining for benevolent and charitable purposes an association of persons who have seen honorable service in the Armed Forces during the Korean War, and of certain other persons; ``(2) providing a means of contact and communication among members of the corporation; ``(3) promoting the establishment of, and establishing, war and other memorials commemorative of persons who served in the Armed Forces during the Korean War; and ``(4) aiding needy members of the corporation, their wives and children, and the widows and children of persons who were members of the corporation at the time of their death. ``Sec. 120103. Membership ``Eligibility for membership in the corporation, and the rights and privileges of members of the corporation, are as provided in the bylaws of the corporation. ``Sec. 120104. Governing body ``(a) Board of Directors.--The board of directors of the corporation, and the responsibilities of the board of directors, are as provided in the articles of incorporation of the corporation. ``(b) Officers.--The officers of the corporation, and the election of the officers of the corporation, are as provided in the articles of incorporation. ``Sec. 120105. Powers ``The corporation has only the powers provided in its bylaws and articles of incorporation filed in each State in which it is incorporated. ``Sec. 120106. Restrictions ``(a) Stock and Dividends.--The corporation may not issue stock or declare or pay a dividend. ``(b) Political Activities.--The corporation, or a director or officer of the corporation as such, may not contribute to, support, or participate in any political activity or in any manner attempt to influence legislation. ``(c) Loan.--The corporation may not make a loan to a director, officer, or employee of the corporation. ``(d) Claim of Governmental Approval or Authority.--The corporation may not claim congressional approval, or the authority of the United States, for any of its activities. ``Sec. 120107. Duty to maintain corporate and tax-exempt status ``(a) Corporate Status.--The corporation shall maintain its status as a corporation incorporated under the laws of the State of New York. ``(b) Tax-Exempt Status.--The corporation shall maintain its status as an organization exempt from taxation under the Internal Revenue Code of 1986 (26 U.S.C. 1 et seq.). ``Sec. 120108. Records and inspection ``(a) Records.--The corporation shall keep-- ``(1) correct and complete records of account; ``(2) minutes of the proceedings of its members, board of directors, and committees having any of the authority of its board of directors; and ``(3) at its principal office, a record of the names and addresses of its members entitled to vote on matters relating to the corporation. ``(b) Inspection.--A member entitled to vote on matters relating to the corporation, or an agent or attorney of the member, may inspect the records of the corporation for any proper purpose, at any reasonable time. ``Sec. 120109. Service of process ``The corporation shall have a designated agent in the District of Columbia to receive service of process for the corporation. Notice to or service on the agent is notice to or service on the Corporation. ``Sec. 120110. Liability for acts of officers and agents ``The corporation is liable for the acts of its officers and agents acting within the scope of their authority. ``Sec. 120111. Annual report ``The corporation shall submit an annual report to Congress 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 by section 10101 of this title. 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 striking the item relating to chapter 1201 and inserting the following new item: ``1201. Korean War Veterans Association, Incorporated...... 120101''. Passed the Senate December 20 (legislative day, December 18), 2001. Attest: JERI THOMSON, Secretary.