To grant a Federal charter to the National Academy of Inventors.

SECTION 1. GRANT OF FEDERAL CHARTER TO THE NATIONAL ACADEMY OF 
              INVENTORS.

    (a) Grant of Charter.--Part B of subtitle II of title 36, United 
States Code, is amended by inserting after chapter 1503 the following 
new chapter:

             ``CHAPTER 1504--NATIONAL ACADEMY OF INVENTORS

``Sec. 150401. Findings
    ``Congress finds the following:
            ``(1) The majority of our Nation's basic research is done 
        at our colleges and universities.
            ``(2) The National Academy of Inventors recognizes and 
        encourages inventors who have a patent issued from the United 
        States Patent and Trademark Office.
            ``(3) The National Academy of Inventors enhances the 
        visibility of university and non-profit research institute 
        technology and academic innovation.
            ``(4) The National Academy of Inventors encourages the 
        disclosure of intellectual property.
            ``(5) The National Academy of Inventors educates 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 industrial and economic 
        development of the world.
            ``(8) The National Academy of Inventors serves a valuable 
        role in the translation of science and technology within the 
        university and non-profit research institute community, and for 
        the benefit of society.
            ``(9) Congress supports the mission of the National Academy 
        of Inventors to encourage the translation of the inventions of 
        its members to benefit society.
``Sec. 150402. Organization
    ``(a) Federal Charter.--The National Academy of Inventors, a not 
for profit organization that meets the requirements under section 
501(c)(3) of the internal revenue code, and is organized under the laws 
of the State of Florida, 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.
``Sec. 150403. Purposes
    ``The purposes of the organization are as provided in its bylaws 
and articles of incorporation.
``Sec. 150404. Governing body
    ``(a) Board of Directors.--The composition of the board of 
directors for the organization, and the responsibilities 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 of the officers and 
executive committee members, are as provided in the articles of 
incorporation and bylaws.
    ``(c) Executive Committee.--The positions of executive 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 composition 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.
``Sec. 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.
``Sec. 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 corporation 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 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.
``Sec. 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.
``Sec. 150408. Records
    ``The organization shall keep--
            ``(1) correct and complete records of account;
            ``(2) minutes of the proceedings of the members, board of 
        directors, and committees of the corporation 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 relating to the corporation.
``Sec. 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.
``Sec. 150410. Annual report
    ``The corporation shall transmit to Congress an annual 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''.

Summary: Grants a federal charter to the National Academy of Inventors.