I 

114TH CONGRESS 

1ST SESSION H. R. 849 

To grant a Federal charter to the National Academy of Inventors. 

IN THE HOUSE OF REPRESENTATIVES 

FEBRUARY 10, 2015 

Mr. ROSS (for himself, Mr. BILIRAKIS, Ms. FRANKEL of Florida, Ms. ESTY, 

Mr. LIPINSKI, and Ms. CASTOR of Florida) introduced the following bill; 

which was referred to the Committee on the Judiciary 

A BILL 

To grant a Federal charter to the National Academy of 

Inventors. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. GRANT OF FEDERAL CHARTER TO THE NA4 TIONAL ACADEMY OF INVENTORS. 

5 (a) GRANT OF CHARTER.—Part B of subtitle II of 

6 title 36, United States Code, is amended by inserting after 

7 chapter 1503 the following new chapter: 


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1 ‘‘CHAPTER 1504—NATIONAL ACADEMY OF 

2 INVENTORS 

3 ‘‘§ 150401. Findings 

4 ‘‘Congress finds the following: 

5 ‘‘(1) The majority of our Nation’s basic re6 search is done at our colleges and universities. 

7 ‘‘(2) The National Academy of Inventors recog8 nizes and encourages inventors who have a patent 

9 issued from the United States Patent and Trade10 mark Office. 

11 ‘‘(3) The National Academy of Inventors en12 hances the visibility of university and non-profit re13 search institute technology and academic innovation. 

14 ‘‘(4) The National Academy of Inventors en15 courages the disclosure of intellectual property. 

16 ‘‘(5) The National Academy of Inventors edu17 cates and mentors innovative students. 

18 ‘‘(6) The systematic application of organized 

19 knowledge and information can generate technology 

20 and produce creative solutions to existing problems. 

21 ‘‘(7) Innovation, based on new inventions and 

22 technologies, has proven to be a key factor in the in23 dustrial and economic development of the world. 

24 ‘‘(8) The National Academy of Inventors serves 

25 a valuable role in the translation of science and techVerDate Sep 11 2014 22:17 Feb 17, 2015 Jkt 049200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H849.IH H849

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1 nology within the university and non-profit research 

2 institute community, and for the benefit of society. 

3 ‘‘(9) Congress supports the mission of the Na4 tional Academy of Inventors to encourage the trans5 lation of the inventions of its members to benefit so6 ciety. 

7 ‘‘§ 150402. Organization 

8 ‘‘(a) FEDERAL CHARTER.—The National Academy of 

9 Inventors, a not for profit organization that meets the re10 quirements under section 501(c)(3) of the internal revenue 

11 code, and is organized under the laws of the State of Flor12 ida, is a federally chartered organization. 

13 ‘‘(b) EXPIRATION OF CHARTER.—If the organization 

14 does not comply with the provisions of this chapter, the 

15 charter granted shall expire. 

16 ‘‘§ 150403. Purposes 

17 ‘‘The purposes of the organization are as provided in 

18 its bylaws and articles of incorporation. 

19 ‘‘§ 150404. Governing body 

20 ‘‘(a) BOARD OF DIRECTORS.—The composition of the 

21 board of directors for the organization, and the respon22 sibilities of the board are as provided in the articles of 

23 incorporation and bylaws of the organization. 

24 ‘‘(b) OFFICERS.—The positions of officers/executive 

25 committee members of the organization, and the election 


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1 of the officers and executive committee members, are as 

2 provided in the articles of incorporation and bylaws. 

3 ‘‘(c) EXECUTIVE COMMITTEE.—The positions of ex4 ecutive committee members of the organization, and the 

5 election of executive committee members, are as provided 

6 in the articles of incorporation and bylaws. 

7 ‘‘(d) EXECUTIVE ADVISORY BOARD.—The composi8 tion of the executive advisory board for the organization, 

9 and the responsibilities of the executive advisory board are 

10 as provided in the articles of incorporation and bylaws of 

11 the organization. 

12 ‘‘§ 150405. Powers 

13 ‘‘The corporation has only those powers provided in 

14 its bylaws and articles of incorporation filed in each State 

15 in which it is incorporated. 

16 ‘‘§ 150406. Restrictions 

17 ‘‘(a) STOCK AND DIVIDENDS.—The corporation may 

18 not issue stock or declare or pay a dividend. 

19 ‘‘(b) DISTRIBUTION OF INCOME OR ASSETS.—No 

20 part of the income or assets of this Corporation will be 

21 distributed, to its Directors or Officers. However, the cor22 poration may contract in due course of business with its 

23 Officers or Directors for services rendered to the extent 

24 permissible under the articles of incorporation, under law 


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1 and under section 501(c)(3) of the United States Internal 

2 Revenue Code of 1986. 

3 ‘‘(c) LOANS.—The organization may not loan money 

4 to any of its directors or officers. 

5 ‘‘(d) CORPORATE STATUS.—The organization shall 

6 maintain its status as a corporation incorporated under 

7 the laws of the State of Florida. 

8 ‘‘§ 150407. Tax-exempt status required as a condition 

9 of charter 

10 ‘‘If the corporation fails to maintain its status as an 

11 organization exempt from taxation under the Internal 

12 Revenue Code of 1986, the charter granted under this 

13 chapter shall terminate. 

14 ‘‘§ 150408. Records 

15 ‘‘The organization shall keep— 

16 ‘‘(1) correct and complete records of account; 

17 ‘‘(2) minutes of the proceedings of the mem18 bers, board of directors, and committees of the cor19 poration having any of the authority of the board of 

20 directors of the corporation; and 

21 ‘‘(3) at the principal office of the corporation, 

22 a record of the names and addresses of the members 

23 of the corporation entitled to vote on matters relat24 ing to the corporation. 


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1 ‘‘§ 150409. Liability for acts of officers and agents 

2 ‘‘The organization is liable for any act of any officer 

3 or agent of the corporation acting within the scope of the 

4 authority of the corporation. 

5 ‘‘§ 150410. Annual report 

6 ‘‘The corporation shall transmit to Congress an an7 nual report on the activities of the corporation during the 

8 preceding fiscal year. The report shall be submitted at the 

9 same time as the report of the audit required. The report 

10 may not be printed as a public document.’’. 

11 (b) CLERICAL AMENDMENT.—The table of chapters 

12 at the beginning of subtitle II of title 36, United States 

13 Code, is amended by inserting after the item relating to 

14 chapter 1503 the following new item: 

‘‘1504. NATIONAL ACADEMY OF INVENTORS..............................150401’’. 

Æ 


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