HR 1350 IH
in the States in which it is incorporated and subject to
the laws of such States.
SEC. 3. PURPOSES.
The purposes of the corporation are the purposes pro-
vided in its articles of incorporation and shall include—
(1) increasing community awareness of the
problems encountered by Vietnam era veterans; and
(2) helping to solve the unique physical, social,
and psychological problems of Vietnam era veterans
and their families.
SEC. 4. SERVICE OF PROCESS.
With respect to service of process, the corporation
shall comply with the laws of the States in which it is
incorporated and those States in which it carries on its
activities in furtherance of its corporate purposes.
SEC. 5. MEMBERSHIP.
Eligibility for membership in the corporation and the
rights and privileges of members of the corporation shall
be as provided in the bylaws and articles of incorporation
of the corporation.
SEC. 6. BOARD OF DIRECTORS.
The composition of the board of directors of the cor-
poration and the responsibilities of the board shall be as
provided in the articles of incorporation of the corporation
HR 1350 IH
and in conformity with the laws of the States in which
it is incorporated.
SEC. 7. OFFICERS.
The officers of the corporation and the election of the
officers shall be as provided in the bylaws and articles of
incorporation of the corporation and in conformity with
the laws of the States in which it is incorporated.
SEC. 8. RESTRICTIONS.
(a) USE OF INCOME AND ASSETS.—No part of the
income or assets of the corporation may inure to the bene-
fit of any member, officer, or director of the corporation
or be distributed to any such individual during the life
of this charter. This subsection may not be construed to
prevent the payment of reasonable compensation to the
officers and employees of the corporation or reimburse-
ment for actual and necessary expenses in amounts ap-
proved by the board of directors.
(b) LOANS.—The corporation may not make any loan
to any member, officer, director, or employee of the cor-
poration.
(c) ISSUANCE OF STOCK AND PAYMENT OF DIVI-
DENDS.—The corporation may not issue any shares of
stock or declare or pay any dividends.
(d) CLAIMS OF FEDERAL APPROVAL.—The corpora-
tion may not claim the approval of the Congress or the
HR 1350 IH
authorization of the Federal Government for any of its
activities.
(e) CORPORATE
STATUS.—The corporation shall
maintain its status as a corporation organized and incor-
porated under the laws of Illinois.
SEC. 9. LIABILITY.
The corporation shall be liable for the acts of its offi-
cers, directors, employees, and agents whenever such indi-
viduals act within the scope of their authority.
SEC. 10. MAINTENANCE AND INSPECTION OF BOOKS AND
RECORDS.
(a) BOOKS AND RECORDS OF ACCOUNT.—The cor-
poration shall keep correct and complete books and
records of account and minutes of any proceeding of the
corporation involving any of its members, the board of di-
rectors, or any committee having authority under the
board of directors.
(b) NAMES AND ADDRESSES OF MEMBERS.—The
corporation shall keep at its principal office a record of
the names and addresses of all members having the right
to vote in any proceeding of the corporation.
(c) RIGHT TO INSPECT BOOKS AND RECORDS.—All
books and records of the corporation may be inspected by
any member having the right to vote in any proceeding
HR 1350 IH
of the corporation, or by any agent or attorney of such
member, for any proper purpose at any reasonable time.
(d) APPLICATION OF STATE LAW.—This section may
not be construed to contravene any applicable State law.
SEC. 11. AUDIT OF FINANCIAL TRANSACTIONS.
The first section of the Act entitled ‘‘An Act to pro-
vide for audit of accounts of private corporations estab-
lished under Federal law’’, approved August 30, 1964 (36
U.S.C. 1101), is amended by adding at the end the follow-
ing:
‘‘VietNow.’’.
SEC. 12. ANNUAL REPORT.
The corporation shall annually submit to the Con-
gress a report concerning the activities of the corporation
during the preceding fiscal year. The annual report shall
be submitted on the same date as the report of the audit
required by section 11. The annual report may not be
printed as a public document.
SEC. 13. DEFINITIONS.
For purposes of this Act:
(1) The term ‘‘corporation’’ means VietNow.
(2) The term ‘‘State’’ means each of the several
States, the District of Columbia, the Commonwealth
of Puerto Rico, the Commonwealth of the Northern
Mariana Islands, the Virgin Islands, Guam, Amer-
HR 1350 IH
ican Samoa, the Trust Territories of the Pacific Is-
lands, and any other territory or possession of the
United States.
SEC. 134. TAX-EXEMPT STATUS.
The corporation shall maintain its status as an orga-
nization exempt from taxation as provided in the Internal
Revenue Code of 1986.
SEC. 15. TERMINATION.
The charter granted in this Act shall expire if the
corporation fails to comply with any of the provisions of
this Act.
Æ