[Congressional Record Volume 170, Number 115 (Thursday, July 11, 2024)]
[Senate]
[Pages S4641-S4642]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
SA 2287. Mr. CARDIN (for himself and Mr. Moran) submitted an
amendment intended to be proposed by him to the bill S. 4638, to
authorize appropriations for fiscal year 2025 for military activities
of the Department of Defense, for military construction, and for
defense activities of the Department of Energy, to prescribe military
personnel strengths for such fiscal year, and for other purposes; which
was ordered to lie on the table; as follows:
At the end of subtitle H of title X, add the following:
SEC. 1095. 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
2207 the following new chapter:
``CHAPTER 2299--VETERANS ASSOCIATION OF REAL ESTATE PROFESSIONALS
``Sec.
``229901. Organization.
``229902. Purposes.
``229903. Membership.
``229904. Governing body.
``229905. Powers.
``229906. Restrictions.
``229907. Tax-exempt status required as condition of charter.
``229908. Records and inspection.
``229909. Service of process.
``229910. Liability for acts of officers and agents.
``229911. Annual report.
``229912. State defined.
``Sec. 229901. Organization
``(a) Federal Charter.--The Veterans Association of Real
Estate Professionals (in this chapter referred to as 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 this chapter expires.
``Sec. 229902. 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
and financial services sector to support employment of, and
economic and business development for, veterans.
``Sec. 229903. 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. 229904. 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. 229905. Powers
``The corporation has only those powers provided in its
bylaws and articles of incorporation filed in the State in
which it is incorporated.
``Sec. 229906. 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 of the
corporation.
``(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. 229907. 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 by this chapter shall
terminate.
``Sec. 229908. 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. 229909. 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. 229910. 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. 229911. Annual report
``The corporation shall submit to Congress an annual report
on the activities of the corporation during the preceding
fiscal year.
[[Page S4642]]
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. 229912. 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 title 36, United States Code, is amended by
inserting after the item relating to chapter 2207 the
following new item:
``2299. Veterans Association of Real Estate Professionals229901''.....
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