‘‘CHAPTER 1504—NATIONAL ACADEMY OF 
INVENTORS 
‘‘§ 150401. Findings 
‘‘Congress finds the following: 
‘‘(1) The majority of our Nation’s basic re-
search is done at our colleges and universities. 
‘‘(2) The National Academy of Inventors recog-
nizes and encourages inventors who have a patent 
issued from the United States Patent and Trade-
mark Office. 
‘‘(3) The National Academy of Inventors en-
hances the visibility of university and non-profit re-
search institute technology and academic innovation. 
‘‘(4) The National Academy of Inventors en-
courages the disclosure of intellectual property. 
‘‘(5) The National Academy of Inventors edu-
cates and mentors innovative students. 
‘‘(6) The systematic application of organized 
knowledge and information can generate technology 
and produce creative solutions to existing problems. 
‘‘(7) Innovation, based on new inventions and 
technologies, has proven to be a key factor in the in-
dustrial and economic development of the world. 
‘‘(8) The National Academy of Inventors serves 
a valuable role in the translation of science and tech-
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nology within the university and non-profit research 
institute community, and for the benefit of society. 
‘‘(9) Congress supports the mission of the Na-
tional Academy of Inventors to encourage the trans-
lation of the inventions of its members to benefit so-
ciety. 
‘‘§ 150402. Organization 
‘‘(a) FEDERAL CHARTER.—The National Academy of 
Inventors, a not for profit organization that meets the re-
quirements under section 501(c)(3) of the internal revenue 
code, and is organized under the laws of the State of Flor-
ida, is a federally chartered organization. 
‘‘(b) EXPIRATION OF CHARTER.—If the organization 
does not comply with the provisions of this chapter, the 
charter granted shall expire. 
‘‘§ 150403. Purposes 
‘‘The purposes of the organization are as provided in 
its bylaws and articles of incorporation. 
‘‘§ 150404. Governing body 
‘‘(a) BOARD OF DIRECTORS.—The composition of the 
board of directors for the organization, and the respon-
sibilities of the board are as provided in the articles of 
incorporation and bylaws of the organization. 
‘‘(b) OFFICERS.—The positions of officers/executive 
committee members of the organization, and the election 
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of the officers and executive committee members, are as 
provided in the articles of incorporation and bylaws. 
‘‘(c) EXECUTIVE COMMITTEE.—The positions of ex-
ecutive committee members of the organization, and the 
election of executive committee members, are as provided 
in the articles of incorporation and bylaws. 
‘‘(d) EXECUTIVE ADVISORY BOARD.—The composi-
tion of the executive advisory board for the organization, 
and the responsibilities of the executive advisory board are 
as provided in the articles of incorporation and bylaws of 
the organization. 
‘‘§ 150405. Powers 
‘‘The corporation has only those powers provided in 
its bylaws and articles of incorporation filed in each State 
in which it is incorporated. 
‘‘§ 150406. Restrictions 
‘‘(a) STOCK AND DIVIDENDS.—The corporation may 
not issue stock or declare or pay a dividend. 
‘‘(b) DISTRIBUTION
OF INCOME
OR ASSETS.—No 
part of the income or assets of this Corporation will be 
distributed, to its Directors or Officers. However, the cor-
poration may contract in due course of business with its 
Officers or Directors for services rendered to the extent 
permissible under the articles of incorporation, under law 
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and under section 501(c)(3) of the United States Internal 
Revenue Code of 1986. 
‘‘(c) LOANS.—The organization may not loan money 
to any of its directors or officers. 
‘‘(d) CORPORATE STATUS.—The organization shall 
maintain its status as a corporation incorporated under 
the laws of the State of Florida. 
‘‘§ 150407. Tax-exempt status required as a condition 
of charter 
‘‘If the corporation fails to maintain its status as an 
organization exempt from taxation under the Internal 
Revenue Code of 1986, the charter granted under this 
chapter shall terminate. 
‘‘§ 150408. Records 
‘‘The organization shall keep— 
‘‘(1) correct and complete records of account; 
‘‘(2) minutes of the proceedings of the mem-
bers, board of directors, and committees of the cor-
poration having any of the authority of the board of 
directors of the corporation; and 
‘‘(3) at the principal office of the corporation, 
a record of the names and addresses of the members 
of the corporation entitled to vote on matters relat-
ing to the corporation. 
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‘‘§ 150409. Liability for acts of officers and agents 
‘‘The organization is liable for any act of any officer 
or agent of the corporation acting within the scope of the 
authority of the corporation. 
‘‘§ 150410. Annual report 
‘‘The corporation shall transmit to Congress an an-
nual report on the activities of the corporation during the 
preceding fiscal year. The report shall be submitted at the 
same time as the report of the audit required. The report 
may not be printed as a public document.’’. 
(b) CLERICAL AMENDMENT.—The table of chapters 
at the beginning of subtitle II of title 36, United States 
Code, is amended by inserting after the item relating to 
chapter 1503 the following new item: 
‘‘1504. NATIONAL ACADEMY OF INVENTORS..............................150401’’. 
Æ 
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