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under the laws of the State of New York, is a federally char-
tered corporation.
‘‘(b) EXPIRATION OF CHARTER.—If the corporation
does not comply with the provisions of this chapter, the
charter granted by subsection (a) expires.
‘‘§ 120102. Purposes
‘‘The purposes of the corporation are those provided
in its articles of incorporation and shall include the fol-
lowing:
‘‘(1) Organize as a veterans service organization
in order to maintain a continuing interest in the wel-
fare of veterans of the Korean War, and rehabilitation
of the disabled veterans of the Korean War to include
all that served during active hostilities and subse-
quently in defense of the Republic of Korea, and their
families.
‘‘(2) To establish facilities for the assistance of
all veterans and to represent them in their claims be-
fore the Department of Veterans Affairs and other or-
ganizations without charge.
‘‘(3) To perpetuate and preserve the comradeship
and friendships born on the field of battle and nur-
tured by the common experience of service to our na-
tion during the time of war and peace.
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‘‘(4) To honor the memory of those men and
women who gave their lives that a free America and
a free world might live by the creation of living me-
morial, monuments, and other forms of additional
educational, cultural, and recreational facilities.
‘‘(5) To preserve for ourselves and our posterity
the great and basic truths and enduring principles
upon which this nation was founded.
‘‘§ 120103. Membership
‘‘Eligibility for membership in the corporation, and
the rights and privileges of members of the corporation, are
as provided in the bylaws of the corporation.
‘‘§ 120104. Governing body
‘‘(a) BOARD OF DIRECTORS.—The composition of the
board of directors of the corporation, and the responsibil-
ities of the board, are as provided in the articles of incorpo-
ration of the corporation.
‘‘(b) OFFICERS.—The positions of officers of the cor-
poration, and the election of the officers, are as provided
in the articles of incorporation.
‘‘§ 120105. Powers
‘‘The corporation has only those powers provided in
its bylaws and articles of incorporation filed in each State
in which it is incorporated.
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‘‘§ 120106. Restrictions
‘‘(a) STOCK AND DIVIDENDS.—The corporation may
not issue stock or declare or pay a dividend.
‘‘(b) POLITICAL ACTIVITIES.—The corporation, or a
director or officer of the corporation as such, may not con-
tribute to, support, or participate in any political activity
or in any manner attempt to influence legislation.
‘‘(c) LOAN.—The corporation may not make a loan to
a director, officer, or employee of the corporation.
‘‘(d) CLAIM OF GOVERNMENTAL APPROVAL OR AU-
THORITY.—The corporation may not claim congressional
approval, or the authority of the United States, for any of
its activities.
‘‘(e) CORPORATE
STATUS.—The corporation shall
maintain its status as a corporation incorporated under
the laws of the State of New York.
‘‘§ 120107. Tax-exempt status required as condition of
charter
‘‘If the corporation fails to maintain its status as an
organization exempt from taxation under the Internal Rev-
enue Code of 1986, the charter granted under this chapter
shall terminate.
‘‘§ 120108. Records and inspection
‘‘(a) RECORDS.—The corporation shall keep—
‘‘(1) correct and complete records of account;
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‘‘(2) minutes of the proceedings of its members,
board of directors, and committees having any of the
authority of its board of directors; and
‘‘(3) at its principal office, a record of the names
and addresses of its members entitled to vote on mat-
ters relating to the corporation.
‘‘(b) INSPECTION.—A member entitled to vote on mat-
ters relating to the corporation, or an agent or attorney
of the member, may inspect the records of the corporation
for any proper purpose, at any reasonable time.
‘‘§ 120109. Service of process
‘‘The corporation shall have a designated agent in the
District of Columbia to receive service of process for the cor-
poration. Notice to or service on the agent is notice to or
service on the Corporation.
‘‘§ 120110. 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.
‘‘§ 120111. Annual report
‘‘The corporation shall submit to Congress an annual
report on the activities of the corporation during the pre-
ceding fiscal year. The report shall be submitted at the same
time as the report of the audit required by section 10101(b)
of this title. The report may not be printed as a public docu-
ment.