Plain English summary not yet available
The full original text is available below. Check back soon as we process this bill.
I
116TH CONGRESS
1ST SESSION H. R. 2857
To grant a Federal charter to the National Academy of Inventors.
IN THE HOUSE OF REPRESENTATIVES
MAY 21, 2019
Mr. LIPINSKI (for himself, Mr. BILIRAKIS, Mr. WEBSTER of Florida, and Ms.
CASTOR of Florida) introduced the following bill; which was referred to
the Committee on the Judiciary
A BILL
To grant a Federal charter to the National Academy of
Inventors.
Be it enacted by the Senate and House of Representa-
1
tives of the United States of America in Congress assembled,
2
SECTION 1. GRANT OF FEDERAL CHARTER TO THE NA-
3
TIONAL ACADEMY OF INVENTORS.
4
(a) GRANT OF CHARTER.—Part B of subtitle II of
5
title 36, United States Code, is amended by inserting after
6
chapter 1503 the following new chapter:
7
VerDate Sep 11 2014
03:01 Jun 05, 2019
Jkt 089200
PO 00000
Frm 00001
Fmt 6652
Sfmt 6201
E:\BILLS\H2857.IH
H2857
pamtmann on DSKBFK8HB2PROD with BILLS
2
•HR 2857 IH
‘‘CHAPTER 1504—NATIONAL ACADEMY OF
1
INVENTORS
2
‘‘§ 150401. Findings
3
‘‘Congress finds the following:
4
‘‘(1) The majority of the Nation’s basic re-
5
search is done at colleges and universities.
6
‘‘(2) The National Academy of Inventors recog-
7
nizes and encourages inventors who have a patent
8
issued from the United States Patent and Trade-
9
mark Office.
10
‘‘(3) The National Academy of Inventors en-
11
hances the visibility of university and nonprofit re-
12
search institute technology and academic innovation.
13
‘‘(4) The National Academy of Inventors en-
14
courages the disclosure of intellectual property.
15
‘‘(5) The National Academy of Inventors edu-
16
cates and mentors innovative students.
17
‘‘(6) The systematic application of organized
18
knowledge and information can generate technology
19
and produce creative solutions to existing problems.
20
‘‘(7) Innovation, based on new inventions and
21
technologies, has proven to be a key factor in the in-
22
dustrial and economic development of the world.
23
‘‘(8) The National Academy of Inventors serves
24
a valuable role in the translation of science and tech-
25
VerDate Sep 11 2014
03:01 Jun 05, 2019
Jkt 089200
PO 00000
Frm 00002
Fmt 6652
Sfmt 6201
E:\BILLS\H2857.IH
H2857
pamtmann on DSKBFK8HB2PROD with BILLS
3
•HR 2857 IH
nology within the research communities at univer-
1
sities, nonprofit institutes, and Federal agencies,
2
and for the benefit of society.
3
‘‘(9) Congress supports the mission of the Na-
4
tional Academy of Inventors to encourage the trans-
5
lation of the inventions of its members to benefit so-
6
ciety.
7
‘‘§ 150402. Organization
8
‘‘(a) FEDERAL CHARTER.—The National Academy of
9
Inventors, a not-for-profit organization that meets the re-
10
quirements under section 501(c)(3) of the Internal Rev-
11
enue Code, and is organized under the laws of the State
12
of Florida, is a federally chartered organization.
13
‘‘(b) EXPIRATION OF CHARTER.—If the organization
14
does not comply with the provisions of this chapter, the
15
charter granted shall expire.
16
‘‘§ 150403. Purposes
17
‘‘The purposes of the organization are as provided in
18
its bylaws and articles of incorporation.
19
‘‘§ 150404. Governing body
20
‘‘(a) BOARD OF DIRECTORS.—The composition of the
21
board of directors for the organization, and the respon-
22
sibilities of the board are as provided in the articles of
23
incorporation and bylaws of the organization.
24
VerDate Sep 11 2014
03:01 Jun 05, 2019
Jkt 089200
PO 00000
Frm 00003
Fmt 6652
Sfmt 6201
E:\BILLS\H2857.IH
H2857
pamtmann on DSKBFK8HB2PROD with BILLS
4
•HR 2857 IH
‘‘(b) OFFICERS.—The positions of officers/executive
1
committee members of the organization, and the election
2
of the officers and executive committee members, are as
3
provided in the articles of incorporation and bylaws.
4
‘‘(c) EXECUTIVE COMMITTEE.—The positions of ex-
5
ecutive committee members of the organization, and the
6
election of executive committee members, are as provided
7
in the articles of incorporation and bylaws.
8
‘‘(d) EXECUTIVE ADVISORY BOARD.—The composi-
9
tion of the executive advisory board for the organization,
10
and the responsibilities of the executive advisory board are
11
as provided in the articles of incorporation and bylaws of
12
the organization.
13
‘‘§ 150405. Powers
14
‘‘The corporation has only those powers provided in
15
its bylaws and articles of incorporation filed in each State
16
in which it is incorporated.
17
‘‘§ 150406. Restrictions
18
‘‘(a) STOCK AND DIVIDENDS.—The corporation may
19
not issue stock or declare or pay a dividend.
20
‘‘(b) DISTRIBUTION
OF INCOME
OR ASSETS.—No
21
part of the income or assets of this Corporation will be
22
distributed, to its Directors or Officers. However, the cor-
23
poration may contract in due course of business with its
24
Officers or Directors for services rendered to the extent
25
VerDate Sep 11 2014
03:01 Jun 05, 2019
Jkt 089200
PO 00000
Frm 00004
Fmt 6652
Sfmt 6201
E:\BILLS\H2857.IH
H2857
pamtmann on DSKBFK8HB2PROD with BILLS
5
•HR 2857 IH
permissible under the articles of incorporation, under law
1
and under section 501(c)(3) of the United States Internal
2
Revenue Code of 1986.
3
‘‘(c) LOANS.—The organization may not loan money
4
to any of its directors or officers.
5
‘‘(d) CORPORATE STATUS.—The organization shall
6
maintain its status as a corporation incorporated under
7
the laws of the State of Florida.
8
‘‘§ 150407. Tax-exempt status required as a condition
9
of charter
10
‘‘If the corporation fails to maintain its status as an
11
organization exempt from taxation under the Internal
12
Revenue Code of 1986, the charter granted under this
13
chapter shall terminate.
14
‘‘§ 150408. Records
15
‘‘The organization shall keep—
16
‘‘(1) correct and complete records of account;
17
‘‘(2) minutes of the proceedings of the mem-
18
bers, board of directors, and committees of the cor-
19
poration having any of the authority of the board of
20
directors of the corporation; and
21
‘‘(3) at the principal office of the corporation,
22
a record of the names and addresses of the members
23
of the corporation entitled to vote on matters relat-
24
ing to the corporation.
25
VerDate Sep 11 2014
03:01 Jun 05, 2019
Jkt 089200
PO 00000
Frm 00005
Fmt 6652
Sfmt 6201
E:\BILLS\H2857.IH
H2857
pamtmann on DSKBFK8HB2PROD with BILLS
6
•HR 2857 IH
‘‘§ 150409. Liability for acts of officers and agents
1
‘‘The organization is liable for any act of any officer
2
or agent of the corporation acting within the scope of the
3
authority of the corporation.
4
‘‘§ 150410. Annual report
5
‘‘The corporation shall transmit to Congress an an-
6
nual report on the activities of the corporation during the
7
preceding fiscal year. The report shall be submitted at the
8
same time as the report of the audit required. The report
9
may not be printed as a public document.’’.
10
(b) CLERICAL AMENDMENT.—The table of chapters
11
at the beginning of subtitle II of title 36, United States
12
Code, is amended by inserting after the item relating to
13
chapter 1503 the following new item:
14
‘‘1504. NATIONAL ACADEMY OF INVENTORS..............................150401’’.
Æ
VerDate Sep 11 2014
03:01 Jun 05, 2019
Jkt 089200
PO 00000
Frm 00006
Fmt 6652
Sfmt 6301
E:\BILLS\H2857.IH
H2857
pamtmann on DSKBFK8HB2PROD with BILLS