article: That the 29th Division Association, Incorporated, a nonprofit corporation organized under the laws of the State of New Jersey, is recognized as such and is granted a Federal charter. powers Sec. 2. The 29th Division Association, Incorporated (hereinafter in this Act referred to as the ``corporation''), shall have only those powers granted to it through its bylaws and articles of incorporation filed in the State or States in which it is incorporated and subject to the laws of such State or States. objects and purposes of corporation Sec. 3. The objects and purposes of the corporation are those provided in its articles of incorporation and shall include-- (1) the promotion of fellowship among its members; (2) the perpetuation of the record of the 29th Division, United States Army, in the World Wars; (3) the promotion of the welfare of its members, their families, and the families of the members of the Division who lost their lives in the service of Our Country; (4) the consideration of questions concerning the military policy of the United States of America; and (5) to uphold and defend the Constitution of the United States of America. service of process Sec. 4. With respect to service of process, the corporation shall comply with the laws of the State or States in which it is incorporated and the State or States in which it carries on its activities in furtherance of its corporate purposes. membership Sec. 5. (a) Subject to subsection (b), eligibility for membership in the corporation and the rights and privileges of members of the corporation shall be as provided in the constitution and bylaws of the corporation. (b) Terms of membership and requirements for holding office within the corporation shall not discriminate on the basis of race, color, national origin, sex, religion, or handicapped status. board of directors; composition; responsibilities Sec. 6. The composition of the board of directors of the corporation and the responsibilities of such board shall be as provided in the articles of incorporation of the corporation and shall be in conformity with the laws of the State or States in which it is incorporated. officers of corporation Sec. 7. The positions of officers of the corporation and the election of members to such positions shall be as provided in the articles of incorporation of the corporation and shall be in conformity with the laws of the State or States in which it is incorporated. restrictions Sec. 8. (a) No part of the income or assets of the corporation may inure to the benefit of any member, officer, or director of the corporation or be distributed to any such individual during the life of this charter. Nothing in this subsection shall be construed to prevent the payment of reasonable compensation to the officers of the corporation or reimbursement for actual and necessary expenses in amounts approved by the board of directors. (b) The corporation may not make any loan to any officer, director, or employee of the corporation. (c) The corporation may not contribute to, support, or otherwise participate in any political activity or attempt in any manner to influence legislation. No officer or director of the corporation, acting as such officer or director, may commit any act prohibited under this subsection. (d) The corporation shall have no power to issue any shares of stock nor to declare or pay any dividends. (e) The corporation shall not claim congressional approval or Federal Government authority for any of its activities. liability Sec. 9. The corporation shall be liable for the acts of its officers and agents whenever such officers and agents have acted within the scope of their authority. books and records; inspection Sec. 10. The corporation shall keep correct and complete books and records of account and minutes of any proceeding of the corporation involving any of its members, the board of directors, or any committee having authority under the board of directors. The corporation shall keep, at its principal office, a record of the names and addresses of all members having the right to vote in any proceeding of the corporation. All books and records of such corporation may be inspected by any member having the right to vote in any corporation proceeding, or by any agent or attorney of such member, for any proper purpose at any reasonable time. Nothing in this section shall be construed to contravene any applicable State law. audit of financial transactions Sec. 11. The first section of the Act entitled ``An Act to provide for audit of accounts of private corporations established under Federal law'', approved August 30, 1964 (36 U.S.C. 1101), is amended by adding at the end thereof the following: ``(74) 29th Division Association, Incorporated.''. annual report Sec. 12. The corporation shall report annually to the Congress concerning the activities of the corporation during the preceding fiscal year. Such annual report shall be submitted at the same time as the report of the audit of the corporation required by section 2 of the Act entitled ``An Act to provide for audit of accounts of private corporations established under Federal law'', approved August 30, 1964 (36 U.S.C. 1101). The report shall not be printed as a public document. reservation of right to amend, alter, or repeal charter Sec. 13. The right to amend, alter, or repeal this Act is expressly reserved to the Congress. definition of state Sec. 14. For purposes of this Act, the term ``State'' includes the District of Columbia, the Commonwealth of Puerto Rico, the Commonwealth of the Northern Mariana Islands, and the territories and possessions of the United States. tax-exempt status Sec. 15. The corporation shall maintain its status as an organization exempt from taxation as provided in the Internal Revenue Code of 1986. termination Sec. 16. If the corporation fails to comply with any of the restrictions or provisions of this Act, the charter granted by this Act shall expire.
summary: Grants a Federal Charter to the 29th Division Associated, Inc. (a nonprofit corporation organized under the laws of New Jersey).