‘‘§ 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 incor-
poration 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. 
‘‘§ 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 
Revenue 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; 
‘‘(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 matters relating to the corporation. 
‘‘(b) INSPECTION.—A member entitled to vote on 
matters relating to the corporation, or an agent or attor-
ney of the member, may inspect the records of the cor-
poration 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 
corporation. 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 of this title. The report may not be printed as a 
public document. 
‘‘§ 120112. Definition 
‘‘For purposes of this chapter, the term ‘State’ in-
cludes the District of Columbia and the territories and 
possessions of the United States.’’. 
(b) CLERICAL AMENDMENT.—The item relating to 
chapter 1201 in the table of chapters at the beginning of
subtitle II of title 36, United States Code, is amended to 
read as follows:
‘‘1201. Korean War Veterans Association, Incorporated .........................120101’’.
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