To recognize the organization known as the Black Veterans of America.

SECTION 1. RECOGNITION AS CORPORATION AND GRANT OF FEDERAL CHARTER.

    The Black Veterans of America, a nonprofit corporation organized 
under the laws of the State of Minnesota, is hereby recognized as such 
and is granted a Federal charter.

SEC. 2. POWERS.

    The Black Veterans of America (hereinafter in this Act referred to 
as the ``corporation'') shall have only those powers granted to it 
through its bylaws and articles of incorporation filed in the State in 
which it is incorporated and subject to the laws of such State.

SEC. 3. OBJECTS AND PURPOSES.

    The objects and purposes of the corporation are those provided in 
its bylaws and articles of incorporation and shall include the 
following:
            (1) Recognizing the contribution to the United States 
        throughout its history made by black Americans in military 
        service.
            (2) Ensuring that all veterans, and particularly black 
        veterans, receive all benefits accorded them under law.
            (3) Serving as an information clearinghouse for all 
        veterans' benefits, including education, housing, job training, 
        disability, health care, and burial benefits.
            (4) Providing outreach and referral to community services 
        for veterans and their families.
            (5) Providing a forum for discussion of veterans' issues 
        and concerns.

SEC. 4. SERVICE OF PROCESS.

    With respect to service of process, the corporation shall comply 
with the laws of the State in which it is incorporated and those States 
in which it carries on its activities in furtherance of its corporate 
purposes.

SEC. 5. MEMBERSHIP.

    Except as provided in section 8, eligibility for membership in the 
corporation and the rights and privileges of members of the corporation 
shall be as provided in the articles of incorporation and bylaws of the 
corporation.

SEC. 6. BOARD OF DIRECTORS.

    Except as provided in section 8, the composition of the board of 
directors of the corporation and the responsibilities of such board 
shall be as provided in the articles of incorporation of the 
corporation and in conformity with the laws of the State in which it is 
incorporated.

SEC. 7. OFFICERS OF CORPORATION.

    Except as provided in section 8, the positions of officers of the 
corporation and the election of members to such positions shall be as 
provided in the articles of incorporation of the corporation and in 
conformity with the laws of the State in which it is incorporated.

SEC. 8. PROHIBITION AGAINST DISCRIMINATION.

    In establishing the conditions of membership in the corporation and 
in determining the requirements for serving on the board of directors 
or as an officer of the corporation, the corporation may not 
discriminate on the basis of race, color, religion, sex, handicap, age, 
or national origin.

SEC. 9. RESTRICTIONS.

    (a) Income and Compensation.--No part of the income or assets of 
the corporation may inure to the benefit of any member, officer, or 
director of the corporation or be distributed to any such individual 
during the life of this charter. Nothing in this subsection shall be 
construed to prevent the payment of reasonable compensation to the 
officers of the corporation or reimbursement for actual necessary 
expenses in amounts approved by the board of directors.
    (b) Loans.--The corporation may not make any loan to any officer, 
director, or employee of the corporation.
    (c) Stock.--The corporation shall have no power to issue any shares 
of stock or to declare or pay any dividends.
    (d) Claim of Congressional Approval or Authorization.--The 
corporation shall not claim congressional approval or the authorization 
of the Federal Government for any of its activities by virtue of this 
Act.

SEC. 10. LIABILITY FOR ACTS OF OFFICERS AND AGENTS.

    The corporation shall be liable for the acts of its officers and 
agents whenever such officers and agents have acted within the scope of 
their authority.

SEC. 11. BOOKS AND RECORDS.

    The corporation 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 directors, or any committee having 
authority under the board of directors. 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. 
All books and records of such corporation may be inspected by any 
member having the right to vote in any corporation proceeding, or by 
any agent or attorney of such member, for any proper purpose at any 
reasonable time. Nothing in this section shall be construed to 
contravene any applicable State law.

SEC. 12. AUDIT OF FINANCIAL TRANSACTIONS.

    The first section of the Act entitled ``An Act to provide for audit 
of accounts of private corporations established under Federal law'', 
approved August 30, 1964 (36 U.S.C. 1101), is amended by adding at the 
end the following:
            ``(77) The Black Veterans of America.''.

SEC. 13. ANNUAL REPORT.

    The corporation shall report annually to the Congress concerning 
the activities of the corporation during the preceding fiscal year. 
Such annual report shall be submitted at the same time as the report of 
the audit required by section 2 of the Act referred to in section 12. 
The report shall not be printed as a public document.

SEC. 14. RESERVATION OF RIGHT TO ALTER, AMEND, OR REPEAL CHARTER.

    The right to alter, amend, or repeal this Act is expressly reserved 
to the Congress.

SEC. 15. ``STATE'' DEFINED.

    For purposes of this Act, the term ``State'' includes the District 
of Columbia, the Commonwealth of Puerto Rico, the Commonwealth of the 
Northern Mariana Islands, and the territories and possessions of the 
United States.

SEC. 16. TAX-EXEMPT STATUS.

    The corporation shall maintain its status as an organization exempt 
from taxation as provided in the Internal Revenue Code of 1986.

SEC. 17. TERMINATION FOR FAILURE TO COMPLY WITH RESTRICTIONS OR 
              PROHIBITIONS.

    If the corporation shall fail to comply with any of the 
restrictions or provisions of this Act, the charter granted by this Act 
shall expire.

Summary: Grants a Federal charter to Black Veterans of America (a nonprofit corporation organized under the laws of Minnesota).