SECTION 1. SHORT TITLE.

    This Act may be cited as the ``National Academies of Practice 
Recognition Act of 2003''.

SEC. 2. CHARTER.

    The National Academies of Practice organized and incorporated under 
the laws of the District of Columbia, is hereby recognized as such and 
is granted a Federal charter.

SEC. 3. CORPORATE POWERS.

    The National Academies of Practice (referred to in this Act as the 
``corporation'') shall have only those powers granted to it through its 
bylaws and articles of incorporation filed in the State in which it is 
incorporated and subject to the laws of such State.

SEC. 4. PURPOSES OF CORPORATION.

    The purposes of the corporation shall be to honor persons who have 
made significant contributions to the practice of applied psychology, 
dentistry, medicine, nursing, optometry, osteopathy, podiatry, social 
work, veterinary medicine, pharmacy, and other health care professions, 
and to improve the practices in such professions by disseminating 
information about new techniques and procedures.

SEC. 5. SERVICE OF PROCESS.

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

SEC. 6. MEMBERSHIP.

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

SEC. 7. BOARD OF DIRECTORS; COMPOSITION; RESPONSIBILITIES.

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

SEC. 8. OFFICERS OF THE CORPORATION.

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

SEC. 9. RESTRICTIONS.

    (a) Use of Income and Assets.--No part of the income or assets of 
the corporation shall inure to any member, officer, or director of the 
corporation or be distributed to any such person during the life of the 
charter under this Act. Nothing in this subsection shall be construed 
to prevent the payment of reasonable compensation to the officers of 
the corporation or reimbursement for actual necessary expenses in 
amounts approved by the board of directors.
    (b) Loans.--The corporation shall not make any loan to any officer, 
director, or employee of the corporation.
    (c) Political Activity.--The corporation, any officer, or any 
director of the corporation, acting as such officer or director, shall 
not contribute to, support, or otherwise participate in any political 
activity or in any manner attempt to influence legislation.
    (d) Issuance of Stock and Payment of Dividends.--The corporation 
shall have no power to issue any shares of stock nor to declare or pay 
any dividends.
    (e) Claims of Federal Approval.--The corporation shall not claim 
congressional approval or Federal Government authority for any of its 
activities.

SEC. 10. LIABILITY.

    The corporation shall be liable for the acts of its officers and 
agents when acting within the scope of their authority.

SEC. 11. 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 shall keep 
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, or by any agent or attorney of such member, for any proper 
purpose, at any reasonable time.
    (d) Application of State Law.--Nothing in this section shall be 
construed to contravene any applicable State law.

SEC. 12. ANNUAL REPORT.

    The corporation shall report annually to the Congress concerning 
the activities of the corporation during the preceding fiscal year. The 
report shall not be printed as a public document.

SEC. 13. RESERVATION OF RIGHT TO AMEND OR REPEAL CHARTER.

    The right to alter, amend, or repeal this Act is expressly reserved 
to Congress.

SEC. 14. DEFINITION.

    In this Act, the term ``State'' includes the District of Columbia, 
the Commonwealth of Puerto Rico, and the territories and possessions of 
the United States.

SEC. 15. TAX-EXEMPT STATUS.

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

SEC. 16. TERMINATION.

    If the corporation fails to comply with any of the restrictions or 
provisions of this Act the charter granted by this Act shall terminate.
National Academies of Practice Recognition Act of 2003 - Grants a Federal charter to the National Academies of Practice (a nonprofit corporation organized under the laws of the District of Columbia).
A bill to recognize the organization known as the National Academies of Practice.