To grant a Federal charter to Korean War Veterans Association, Incorporated.

Summary: Grants a Federal charter to the Korean War Veterans Association, Incorporated (a nonprofit corporation incorporated under the laws of New York).

SECTION 1. GRANT OF FEDERAL CHARTER TO KOREAN WAR VETERANS ASSOCIATION, 
              INCORPORATED.

    (a) Grant of Charter.--Part B of subtitle II of title 36, United 
States Code, is amended--
            (1) by striking the following:

                     ``CHAPTER 1201--[RESERVED]'';

         and
            (2) by inserting after chapter 1103 the following new 
        chapter:

     ``CHAPTER 1201--KOREAN WAR VETERANS ASSOCIATION, INCORPORATED

``Sec.
``120101. Organization.
``120102. Purposes.
``120103. Membership.
``120104. Governing body.
``120105. Powers.
``120106. Restrictions.
``120107. Tax-exempt status required as condition of charter.
``120108. Records and inspection.
``120109. Service of process.
``120110. Liability for acts of officers and agents.
``120111. Annual report.
``120112. Definition.
``Sec. 120101. Organization
    ``(a) Federal Charter.--Korean War Veterans Association, 
Incorporated (in this chapter, the `corporation'), a nonprofit 
corporation 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) expires.
``Sec. 120102. Purposes
    ``The purposes of the corporation are those provided in its 
articles of incorporation and shall include the following:
            ``(1) Organizing, promoting, and maintaining for benevolent 
        and charitable purposes an association of persons who have seen 
        honorable service in the Armed Forces during the Korean War, 
        and of certain other persons.
            ``(2) Providing a means of contact and communication among 
        members of the corporation.
            ``(3) Promoting the establishment of, and establishing, war 
        and other memorials commemorative of persons who served in the 
        Armed Forces during the Korean War.
            ``(4) Aiding needy members of the corporation, their wives 
        and children, and the widows and children of persons who were 
        members of the corporation at the time of their death.
``Sec. 120103. 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. 120104. 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 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.
``Sec. 120105. 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. 120106. Restrictions
    ``(a) Stock and Dividends.--The corporation may not issue stock or 
declare or pay a dividend.
    ``(b) Political Activities.--The corporation, or a director or 
officer of the corporation as such, may not contribute to, support, or 
participate in any political activity or in any manner attempt to 
influence legislation.
    ``(c) Loan.--The corporation may not make a loan to a director, 
officer, or employee of the corporation.
    ``(d) 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.
    ``(e) Corporate Status.--The corporation shall maintain its status 
as a corporation incorporated under the laws of the State of New York.
``Sec. 120107. 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. 120108. Records and inspection
    ``(a) Records.--The corporation shall keep--
            ``(1) correct and complete records of account;
            ``(2) minutes of the proceedings of its members, board of 
        directors, and committees having any of the authority of its 
        board of directors; and
            ``(3) at its principal office, a record of the names and 
        addresses of its members entitled to vote on matters relating 
        to the corporation.
    ``(b) Inspection.--A member entitled to vote on matters 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. 120109. Service of process
    ``The corporation shall have a designated agent in the District of 
Columbia to receive service of process for the corporation. Notice to 
or service on the agent is notice to or service on the Corporation.
``Sec. 120110. 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. 120111. 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. 120112. Definition
    ``For purposes of this chapter, the term `State' includes the 
District of Columbia and the territories and possessions of the United 
States.''.
    (b) Clerical Amendment.--The item relating to chapter 1201 in the 
table of chapters at the beginning of subtitle II of title 36, United 
States Code, is amended to read as follows:

``1201. Korean War Veterans Association, Incorporated.......  120101''.