article: SECTION 1. GRANT OF FEDERAL CHARTER TO AMERICAN MILITARY RETIREES ASSOCIATION. (a) Grant of Charter.--Part B of subtitle II of title 36, United States Code, is amended by inserting after chapter 1403 the following new chapter: ``CHAPTER 1404--AMERICAN MILITARY RETIREES ASSOCIATION ``Sec. ``140401. Organization. ``140402. Purposes. ``140403. Membership. ``140404. Governing body. ``140405. Powers. ``140406. Restrictions. ``140407. Tax-exempt status required as condition of charter. ``140408. Records and inspection. ``140409. Service of process. ``140410. Liability for acts of officers and agents. ``140411. Annual report. ``140412. Definition. ``Sec. 140401. Organization ``(a) Federal Charter.--American Military Retirees Association (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 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. ``Sec. 140402. Purposes ``(a) General.--The purposes of the corporation are as provided in its bylaws and articles of incorporation and include-- ``(1) encouraging military retirees to band together to protect earned benefits by educating on benefits available; and ``(2) advocating for the protection of earned benefits through active monitoring of legislation in Congress and the policies and proposals of the Department of Defense and the Department of Veterans Affairs. ``Sec. 140403. 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. 140404. 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 the articles of incorporation and bylaws. ``Sec. 140405. 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. 140406. 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 does 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) Loans.--The corporation may not make a loan to a director, officer, employee, or member of the corporation. ``(d) Claim of Governmental Approval or Authority.--The corporation may not claim congressional approval or the authority of the United States Government for any of its activities. ``(e) Corporate Status.--The corporation shall maintain its status as a corporation incorporated under the laws of the Commonwealth of Virginia. ``Sec. 140407. 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. 140408. 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. ``Sec. 140409. Service of process ``The corporation shall comply with the law on service of process of each State in which it is incorporated and each State in which it carries on activities. ``Sec. 140410. 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. ``Sec. 140411. 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. ``Sec. 140412. Definition ``In this chapter, the term `State' includes the District of Columbia and the territories and possessions 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 1403 the following new item: ``1404. American Military Retirees Association..... 140401''.
summary: Grants a federal charter to the American Military Retirees Association.