II 110th CONGRESS 1st Session S. 1692 IN THE SENATE OF THE UNITED STATES June 25, 2007 Mr. Cardin (for himself, Mr. Bayh, Mrs. Clinton, Mr. Isakson, Mr. Kennedy, Mr. Kerry, Mr. Lautenberg, Ms. Mikulski, Ms. Murkowski, and Mr. Vitter) introduced the following bill; which was read twice and referred to the Committee on the Judiciary A BILL To grant a Federal charter to Korean War Veterans Association, Incorporated.

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: 1201

[RESERVED]

; and (2)by inserting after chapter 1103 the following new chapter: 1201

Korean War Veterans Association, Incorporated

Sec. 120101. Organization. 120102. Purposes. 120103. Membership. 120104. Governing body. 120105. Powers. 120106. Restrictions. 120107. Tax-exempt status required as condition of charter. 120108. Records and inspection. 120109. Service of process. 120110. Liability for acts of officers and agents. 120111. Annual report. 120112. Definition.

120101.

Organization

(a)

Federal charter

Korean War Veterans Association, Incorporated (in this chapter, the corporation), a nonprofit organization that meets the requirements for a veterans service organization under section 501(c)(19) of the Internal Revenue Code of 1986 and that is organized under the laws of 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) shall expire.

120102.

Purposes

The purposes of the corporation are those provided in the articles of incorporation of the corporation and shall include the following: (1)To organize as a veterans service organization in order to maintain a continuing interest in the welfare of veterans of the Korean War, and rehabilitation of the disabled veterans of the Korean War to include all that served during active hostilities and subsequently in defense of the Republic of Korea, and their families. (2)To establish facilities for the assistance of all veterans and to represent them in their claims before the Department of Veterans Affairs and other organizations without charge. (3)To perpetuate and preserve the comradeship and friendships born on the field of battle and nurtured by the common experience of service to the United States during the time of war and peace. (4)To honor the memory of the men and women who gave their lives so that the United States and the world might be free and live by the creation of living memorial, monuments, and other forms of additional educational, cultural, and recreational facilities. (5)To preserve for the people of the United States and posterity of such people the great and basic truths and enduring principles upon which the United States was founded.

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.

120104.

Governing body

(a)

Board of directors

The composition of the board of directors of the corporation, and the responsibilities of the board, are as provided in the articles of incorporation of the corporation. (b)

Officers

The positions of officers of the corporation, and the election of the officers, are as provided in the articles of incorporation.

120105.

Powers

The corporation has only those powers provided in its bylaws and articles of incorporation filed in each State in which it is incorporated.

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 activity of the corporation. (e)

Corporate status

The corporation shall maintain its status as a corporation incorporated under the laws of the State of New York.

120107.

Tax-exempt status required as 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.

120108.

Records and inspection

(a)

Records

The corporation 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. (b)

Inspection

A member entitled to vote on any matter 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.

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.

120110.

Liability for acts of officers and agents

The corporation is liable for any act of any officer or agent of the corporation acting within the scope of the authority of the corporation.

120111.

Annual report

The corporation shall submit 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 by section 10101(b) of this title. The report may not be printed as a public document.

120112.

Definition

For purposes of this chapter, the term State includes the District of Columbia and the territories and possessions of the United States.

. (b)

Clerical Amendment

The item relating to chapter 1201 in the table of chapters at the beginning of subtitle II of title 36, United States Code, is amended to read as follows: 1201. Korean War Veterans Association, Incorporated 120101 .