214
(2) Assets held on condition requiring return or transfer on dissolu-
tion of the corporation shall be returned or transferred as required by
the condition.
(3) Assets received and held subject to a limitation permitting use
only for charitable, religious, benevolent, educational, or similar pur-
poses, but not held on a condition requiring return or transfer on dis-
solution of the corporation, shall be transferred to one or more appro-
priate domestic or foreign corporations, societies, or organizations
under a plan of distribution adopted as provided in this chapter.
(4) Other assets shall be distributed as provided by the articles of
incorporation or bylaws to the extent that the articles or bylaws provide
the distributive rights of members, or any class of members, or provide
for distribution to others.
(5) Any remaining assets may be distributed to persons, societies, or-
ganizations, or domestic or foreign corporations engaged in activities
not for profit, as provided in a plan of distribution adopted by the
council of administration of the corporation and in compliance with the
constitution and bylaws of the corporation.
CHAPTER 1539—THE NATIONAL YOEMEN F
Sec.
153901.
Organization.
153902.
Purposes.
153903.
Powers.
153904.
Deposit of historical material.
§ 153901. Organization
(a) FEDERAL CHARTER.—The National Yoemen F (in this chapter, the
‘‘corporation’’) is a federally chartered corporation.
(b) PLACE OF INCORPORATION.—The corporation is declared to be incor-
porated in the District of Columbia.
§ 153902. Purposes
The purposes of the corporation are patriotic, historical, and educational
and are—
(1) to foster and perpetuate the memory of the service of Yoemen
(f) in the United States Naval Reserve Force of the United States
Navy during World War I;
(2) to preserve the memories and incidents of their association in
World War I by the encouragement of historical research concerning
the service of Yoemen (f);
(3) to cherish, maintain, and extend the institutions of American
freedom by the promotion of celebrations of all patriotic anniversaries;
(4) to foster true patriotism and love of country; and
(5) to aid in securing for mankind all the blessings of liberty.
215
§ 153903. Powers
The corporation may—
(1) adopt a constitution and bylaws;
(2) adopt a seal; and
(3) hold real and personal property in the United States, but only
to the extent necessary to carry out the purposes of the corporation
and only in an amount not more than $50,000.
§ 153904. Deposit of historical material
The Regents of the Smithsonian Institution may permit the corporation
to deposit its collections, manuscripts, books, pamphlets, and other material
for history in the Smithsonian Institution or in the National Museum, on
conditions and under rules they prescribe.
CHAPTER 1541—NAVAL SEA CADET CORPS
Sec.
154101.
Organization.
154102.
Purposes.
154103.
Membership.
154104.
Governing body.
154105.
Powers.
154106.
Exclusive right to name, insignia, emblems, badges, marks, and words.
154107.
Restrictions.
154108.
Principal office.
154109.
Records and inspection.
154110.
Service of process.
154111.
Liability for acts of officers and agents.
154112.
Annual report.
154113.
Distribution of assets on dissolution or final liquidation.
§ 154101. Organization
(a) FEDERAL CHARTER.—Naval Sea Cadet Corps (in this chapter, the
‘‘corporation’’) is a federally chartered corporation.
(b) PERPETUAL EXISTENCE.—Except as otherwise provided, the corpora-
tion has perpetual existence.
§ 154102. Purposes
The purposes of the corporation are, through organization and coopera-
tion with the Department of the Navy—
(1) to encourage and aid American young people to develop an inter-
est and skill in basic seamanship and in its naval adaptations;
(2) to train them in seagoing skills; and
(3) to teach them patriotism, courage, self-reliance, and kindred vir-
tues.
§ 154103. Membership
Except as provided in this chapter, eligibility for membership in the cor-
poration and the rights, privileges, and designation of classes of members
are as provided in the constitution and bylaws of the corporation.
216
§ 154104. Governing body
(a) BOARD OF DIRECTORS.—(1) The board of directors is the governing
body of the corporation. The board is responsible for the general policies
and program of the corporation and the control of all funds of the corpora-
tion.
(2) The number of directors, their manner of selection (including the fill-
ing of vacancies), and their term of office are as provided in the constitution
and bylaws. However, the board shall have at least 10 but not more than
25 directors.
(b) OFFICERS.—(1) The officers of the corporation are a president, one
or more vice presidents as provided in the constitution and bylaws, a sec-
retary, a treasurer, and other officers as provided in the constitution and
bylaws.
(2) The manner of election, term of office, and duties of the officers are
as provided in the constitution and bylaws.
§ 154105. Powers
The corporation may—
(1) adopt and amend a constitution and bylaws for the management
of its property and the regulation of its affairs;
(2) adopt and alter a corporate seal;
(3) choose officers, managers, employees, and agents as the activities
of the corporation require;
(4) make contracts;
(5) acquire, own, lease, encumber, and transfer property as necessary
or convenient to carry out the purposes of the corporation;
(6) borrow money, issue instruments of indebtedness, and secure its
obligations by granting security interests in its property; and
(7) sue and be sued.
§ 154106. Exclusive 
right 
to 
name, 
insignia, 
emblems,
badges, marks, and words
The corporation has the exclusive right to use the name ‘‘Naval Sea
Cadet Corps’’ and distinctive insignia, emblems, and badges, descriptive or
designating marks, and words or phrases required to carry out the duties
and powers of the corporation. This section does not affect any vested
rights.
§ 154107. Restrictions
(a) STOCK AND DIVIDENDS.—The corporation may not issue stock or de-
clare or pay a dividend.
(b) POLITICAL ACTIVITIES.—The corporation or a director or officer as
such may not contribute to, support, or assist a political party or candidate
for public office.
217
(c) DISTRIBUTION OF INCOME OR ASSETS.—The income or assets of the
corporation may not inure to the benefit of, or be distributed to, a director,
officer, or member during the life of the corporation or on its dissolution
or final liquidation. This subsection does not prevent the payment of com-
pensation to an officer in an amount approved by the board of directors.
(d) LOANS.—The corporation may not make a loan or advance to a direc-
tor, officer, or employee. Directors who vote for or assent to making a loan
or advance to a director, officer, or employee, and officers who participate
in making the loan or advance, are jointly and severally liable to the cor-
poration for the amount of the loan or advance until it is repaid.
§ 154108. Principal office
The principal office of the corporation shall be in Tacoma, Washington,
or another place decided by the board of directors. However, the activities
of the corporation are not confined to the place where the principal office
is located but may be conducted throughout the States, territories, and pos-
sessions of the United States.
§ 154109. 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; and
(3) at its principal office, a record of the names and addresses of
its members entitled to vote.
(b) INSPECTION.—A member entitled to vote, or an agent or attorney of
the member, may inspect the records of the corporation for any proper pur-
pose, at any reasonable time.
§ 154110. 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, or mailed to the business address of the agent, is notice to or service
on the corporation.
§ 154111. 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.
§ 154112. Annual report
The corporation shall submit an annual report to the Secretary of the
Navy on the activities of the corporation during the prior calendar year. The
Secretary shall communicate to Congress any part of the report that the
Secretary considers appropriate.
218
§ 154113. Distribution of assets on dissolution or final liq-
uidation
On dissolution or final liquidation of the corporation, any assets remain-
ing after the discharge of all liabilities shall be distributed as provided by
the board of directors, but in compliance with the constitution and bylaws
of the corporation.
CHAPTER 1543—NAVY CLUB OF THE UNITED STATES OF
AMERICA
Sec.
154301.
Organization.
154302.
Purposes.
154303.
Powers.
154304.
Annual report.
§ 154301. Organization
(a) FEDERAL CHARTER.—Navy Club of the United States of America (in
this chapter, the ‘‘corporation’’) is a federally chartered corporation.
(b) PERPETUAL EXISTENCE.—Except as otherwise provided, the corpora-
tion has perpetual existence.
§ 154302. Purposes
The purposes of the corporation are—
(1) to encourage, promote, and maintain comradeship among individ-
uals who are or have been in the active service of the United States
Navy, the United States Marine Corps, or the United States Coast
Guard;
(2) to revere, honor, and perpetuate the memory of individuals de-
scribed in clause (1) of this section who have departed this life;
(3) to promote and encourage further public interest in the United
States Navy, the United States Marine Corps, and the United States
Coast Guard and the history of those organizations;
(4) to uphold the spirit and ideals of the United States Navy, the
United States Marine Corps, and the United States Coast Guard;
(5) to promote the ideals of American freedom and democracy and
to fit its members for the duties of citizenship and to encourage them
to serve as ably as citizens as they have served the Nation under arms;
and
(6) to maintain true allegiance to American institutions.
§ 154303. Powers
The corporation may—
(1) adopt and amend bylaws;
(2) adopt and alter a corporate seal;
(3) appoint or elect officers and agents;