[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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