[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3240 Introduced in House (IH)]
<DOC>
118th CONGRESS
1st Session
H. R. 3240
To amend title 36, United States Code, to grant a Federal charter to
the Veterans Association of Real Estate Professionals.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
May 11, 2023
Mrs. Lee of Nevada (for herself, Mrs. Steel, and Mr. Trone) introduced
the following bill; which was referred to the Committee on the
Judiciary
_______________________________________________________________________
A BILL
To amend title 36, United States Code, to grant a Federal charter to
the Veterans Association of Real Estate Professionals.
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 VETERANS ASSOCIATION OF REAL
ESTATE PROFESSIONALS.
(a) Grant of Charter.--Part B of subtitle II of title 36, United
States Code, is amended by inserting after chapter 2301 the following
new chapter:
``CHAPTER 2302--VETERANS ASSOCIATION OF REAL ESTATE PROFESSIONALS
``Sec.
``230201. Organization.
``230202. Purposes.
``230203. Membership.
``230204. Governing body.
``230205. Powers.
``230206. Restrictions.
``230207. Tax-exempt status required as condition of charter.
``230208. Records and inspection.
``230209. Service of process.
``230210. Liability for acts of officers and agents.
``230211. Annual report.
``230212. State defined.
``Sec. 230201. Organization
``(a) Federal Charter.--Veterans Association of Real Estate
Professionals (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 is organized under the laws of the State of California, 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. 230202. Purposes
``The purposes of the corporation are those provided in its
articles of incorporation and include the following:
``(1) To organize as a veterans service organization to
maintain a continuing interest in the welfare of veterans by--
``(A) advocating for, and increasing sustainable
homeownership;
``(B) providing financial literacy education,
``(C) spreading awareness of housing loans
guaranteed by the Secretary of Veterans Affairs; and
``(D) increasing economic opportunities for members
of the Armed Forces and veterans.
``(2) To establish facilities for the assistance of all
veterans, with programs regarding topics including the
following:
``(A) financial literacy (including understanding
credit);
``(B) workforce development;
``(C) small business incubation and mentorship;
``(D) education regarding housing, including
homelessness prevention, rental counseling, foreclosure
prevention, and affordable housing opportunities; and
``(E) suicide awareness and prevention.
``(3) To provide a forum for real estate and financial
service professionals to share ideas, learn, and be empowered
to better serve the real estate needs of members of the Armed
Forces, veterans, their families, and others.
``(4) To collaborate with organizations in the real estate
& financial service sector to support employment of, and
economic and business development for, veterans.
``Sec. 230203. Membership
``Eligibility for membership in the corporation, and the rights and
privileges of members of the corporation, are as provided in the
articles and bylaws of the corporation.
``Sec. 230204. 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 and bylaws of the
corporation.
``(b) Officers.--The positions of officers of the corporation, and
the election of the officers, are as provided in such articles of
incorporation and bylaws.
``Sec. 230205. 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. 230206. Restrictions
``(a) Stock and Dividends.--The corporation may not issue stock or
declare or pay a dividend.
``(b) Distribution of Income or Assets.--The income or assets of
the corporation may not inure to the benefit of, or be distributed to,
a director, officer, or member of the corporation during the life of
the charter granted by this chapter. This subsection shall not prevent
the payment of reasonable compensation to an officer or employee of the
corporation, or reimbursement for actual necessary expenses, in amounts
approved by the board of directors.
``(c) Political Activities.--The corporation (or an officer of the
corporation, in the course of acting in such capacity) may not
contribute to, support, or participate in any political activity.
``(d) Loans.--The corporation may not make a loan to a director,
officer, employee, or member of the corporation.
``(e) 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.
``(f) Corporate Status.--The corporation shall maintain its status
as a corporation incorporated under the laws of the State of
California.
``Sec. 230207. 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.
``Sec. 230208. 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;
``(3) at the principal office of the corporation, a record
of the names and addresses of members of the corporation
entitled to vote on matters relating to the corporation; and
``(4) the State charter documents, bylaws, and articles of
incorporation available to the public on an easily accessible
website of 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.
``Sec. 230209. Service of process
``The corporation shall comply with the law of service of process
of the State in which it is incorporated and each State in which it
operates.
``Sec. 230210. 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. 230211. 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 of this title. The report may not be printed
as a public document.
``Sec. 230212. State defined
``For purposes of this chapter, the term `State' means each of the
several States, the District of Columbia, the Commonwealth of Puerto
Rico, or a territory or possession of the United States.''.
(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 2301 the following new item:
``2302. Veterans Association of Real Estate Professionals... 230201''.
<all>