I 

113TH CONGRESS 

2D SESSION H. R. 5650 

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

IN THE HOUSE OF REPRESENTATIVES 

SEPTEMBER 18, 2014 

Mr. ROSS 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: 

8 ‘‘CHAPTER 1504—NATIONAL ACADEMY OF 

9 INVENTORS 

10 ‘‘§ 150401. Findings 

11 ‘‘Congress finds the following: 


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1 ‘‘(1) The majority of our Nation’s basic re2 search is done at our colleges and universities. 

3 ‘‘(2) The National Academy of Inventors recog4 nizes and encourages inventors who have a patent 

5 issued from the United States Patent and Trade6 mark Office. 

7 ‘‘(3) The National Academy of Inventors en8 hances the visibility of university and non-profit re9 search institute technology and academic innovation. 

10 ‘‘(4) The National Academy of Inventors en11 courages the disclosure of intellectual property. 

12 ‘‘(5) The National Academy of Inventors edu13 cates and mentors innovative students. 

14 ‘‘(6) The systematic application of organized 

15 knowledge and information can generate technology 

16 and produce creative solutions to existing problems. 

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

18 technologies, has proven to be a key factor in the in19 dustrial and economic development of the world. 

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

21 a valuable role in the translation of science and tech22 nology within the university and non-profit research 

23 institute community, and for the benefit of society. 

24 ‘‘(9) Congress supports the mission of the Na25 tional Academy of Inventors to encourage the transVerDate Sep 11 2014 19:32 Oct 06, 2014 Jkt 049200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H5650.IH H5650

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1 lation of the inventions of its members to benefit so2 ciety. 

3 ‘‘§ 150402. Organization 

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

5 Inventors, a not for profit organization that meets the re6 quirements under section 501(c)(3) of the internal revenue 

7 code, and is organized under the laws of the State of Flor8 ida, is a federally chartered organization. 

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

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

11 charter granted shall expire. 

12 ‘‘§ 150403. Purposes 

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

14 its bylaws and articles of incorporation. 

15 ‘‘§ 150404. Governing body 

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

17 board of directors for the organization, and the respon18 sibilities of the board are as provided in the articles of 

19 incorporation and bylaws of the organization. 

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

21 committee members of the organization, and the election 

22 of the officers and executive committee members, are as 

23 provided in the articles of incorporation and bylaws. 

24 ‘‘(c) EXECUTIVE COMMITTEE.—The positions of ex25 ecutive committee members of the organization, and the 


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1 election of executive committee members, are as provided 

2 in the articles of incorporation and bylaws. 

3 ‘‘(d) EXECUTIVE ADVISORY BOARD.—The composi4 tion of the executive advisory board for the organization, 

5 and the responsibilities of the executive advisory board are 

6 as provided in the articles of incorporation and bylaws of 

7 the organization. 

8 ‘‘§ 150405. Powers 

9 ‘‘The corporation has only those powers provided in 

10 its bylaws and articles of incorporation filed in each State 

11 in which it is incorporated. 

12 ‘‘§ 150406. Restrictions 

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

14 not issue stock or declare or pay a dividend. 

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

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

17 distributed, to its Directors or Officers. However, the cor18 poration may contract in due course of business with its 

19 Officers or Directors for services rendered to the extent 

20 permissible under the articles of incorporation, under law 

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

22 Revenue Code of 1986. 

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

24 to any of its directors or officers. 


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

2 maintain its status as a corporation incorporated under 

3 the laws of the State of Florida. 

4 ‘‘§ 150407. Tax-exempt status required as a condition 

5 of charter 

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

7 organization exempt from taxation under the Internal 

8 Revenue Code of 1986, the charter granted under this 

9 chapter shall terminate. 

10 ‘‘§ 150408. Records 

11 ‘‘The organization shall keep— 

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

13 ‘‘(2) minutes of the proceedings of the mem14 bers, board of directors, and committees of the cor15 poration having any of the authority of the board of 

16 directors of the corporation; and 

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

18 a record of the names and addresses of the members 

19 of the corporation entitled to vote on matters relat20 ing to the corporation. 

21 ‘‘§ 150409. Liability for acts of officers and agents 

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

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

24 authority of the corporation. 


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1 ‘‘§ 150410. Annual report 

2 ‘‘The corporation shall transmit to Congress an an3 nual report on the activities of the corporation during the 

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

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

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

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

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

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

10 chapter 1503 the following new item: 

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

Æ 


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