To grant a Federal charter to VietNow.

Summary: Grants a Federal charter to VietNow (a nonprofit corporation organized under the laws of Illinois).

SECTION 1. FEDERAL CHARTER.

    VietNow, a nonprofit corporation organized under the laws of the 
State of Illinois, is recognized and granted a Federal charter.

SEC. 2. POWERS.

    The corporation shall have only the powers granted to it through 
its bylaws and articles of incorporation filed in the States in which 
it is incorporated and subject to the laws of such States.

SEC. 3. PURPOSES.

    The purposes of the corporation are the purposes provided in its 
articles of incorporation and shall include--
            (1) increasing community awareness of the problems 
        encountered by Vietnam era veterans; and
            (2) helping to solve the unique physical, social, and 
        psychological problems of Vietnam era veterans and their 
        families.

SEC. 4. SERVICE OF PROCESS.

    With respect to service of process, the corporation shall comply 
with the laws of the States in which it is incorporated and those 
States in which it carries on its activities in furtherance of its 
corporate purposes.

SEC. 5. MEMBERSHIP.

    Eligibility for membership in the corporation and the rights and 
privileges of members of the corporation shall be as provided in the 
bylaws and articles of incorporation of the corporation.

SEC. 6. BOARD OF DIRECTORS.

    The composition of the board of directors of the corporation and 
the responsibilities of the board shall be as provided in the articles 
of incorporation of the corporation and in conformity with the laws of 
the States in which it is incorporated.

SEC. 7. OFFICERS.

    The officers of the corporation and the election of the officers 
shall be as provided in the bylaws and articles of incorporation of the 
corporation and in conformity with the laws of the States in which it 
is incorporated.

SEC. 8. RESTRICTIONS.

    (a) Use of Income and Assets.--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. This subsection may not be construed 
to prevent the payment of reasonable compensation to the officers and 
employees of the corporation or reimbursement for actual and necessary 
expenses in amounts approved by the board of directors.
    (b) Loans.--The corporation may not make any loan to any member, 
officer, director, or employee of the corporation.
    (c) Issuance of Stock and Payment of Dividends.--The corporation 
may not issue any shares of stock or declare or pay any dividends.
    (d) Claims of Federal Approval.--The corporation may not claim the 
approval of the Congress or the authorization of the Federal Government 
for any of its activities.
    (e) Corporate Status.--The corporation shall maintain its status as 
a corporation organized and incorporated under the laws of Illinois.

SEC. 9. LIABILITY.

    The corporation shall be liable for the acts of its officers, 
directors, employees, and agents whenever such individuals act within 
the scope of their authority.

SEC. 10. MAINTENANCE AND INSPECTION OF BOOKS AND RECORDS.

    (a) Books and Records of Account.--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.
    (b) Names and Addresses of Members.--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.
    (c) Right To Inspect Books and Records.--All books and records of 
the corporation may be inspected by any member having the right to vote 
in any proceeding of the corporation, or by any agent or attorney of 
such member, for any proper purpose at any reasonable time.
    (d) Application of State Law.--This section may not be construed to 
contravene any applicable State law.

SEC. 11. AUDIT OF FINANCIAL TRANSACTIONS.

    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 the following:
            ``VietNow.''.

SEC. 12. ANNUAL REPORT.

    The corporation shall annually submit to the Congress a report 
concerning the activities of the corporation during the preceding 
fiscal year. The annual report shall be submitted on the same date as 
the report of the audit required by section 11. The annual report may 
not be printed as a public document.

SEC. 13. DEFINITIONS.

    For purposes of this Act:
            (1) The term ``corporation'' means VietNow.
            (2) The term ``State'' means each of the several States, 
        the District of Columbia, the Commonwealth of Puerto Rico, the 
        Commonwealth of the Northern Mariana Islands, the Virgin 
        Islands, Guam, American Samoa, the Trust Territories of the 
        Pacific Islands, and any other territory or possession of the 
        United States.

SEC. 134. TAX-EXEMPT STATUS.

    The corporation shall maintain its status as an organization exempt 
from taxation as provided in the Internal Revenue Code of 1986.

SEC. 15. TERMINATION.

    The charter granted in this Act shall expire if the corporation 
fails to comply with any of the provisions of this Act.