US (United States) Code. Title 36. Subtitle II. Chapter 2201: United Service Organizations, Incorporated

Codificación normativa de EEUU (Estados Unidos) Legislación Federal estadounidense # Patriotic and National Observances, Ceremonies and Organizations

  • Enviado por: El remitente no desea revelar su nombre
  • Idioma: inglés
  • País: Estados Unidos Estados Unidos
  • 21 páginas
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-CITE-

36 USC CHAPTER 2201 - UNITED SERVICE ORGANIZATIONS,

INCORPORATED 01/06/03

-EXPCITE-

TITLE 36 - PATRIOTIC AND NATIONAL OBSERVANCES, CEREMONIES, AND

ORGANIZATIONS

Subtitle II - Patriotic and National Organizations

Part B - Organizations

CHAPTER 2201 - UNITED SERVICE ORGANIZATIONS, INCORPORATED

-HEAD-

CHAPTER 2201 - UNITED SERVICE ORGANIZATIONS, INCORPORATED

-MISC1-

Sec.

220101. Organization.

220102. Purposes.

220103. Membership.

220104. Governing body.

220105. Powers.

220106. Exclusive right to name, seals, emblems, and badges.

220107. Assistance by Department of Defense.

220108. Restrictions.

220109. Duty to maintain corporate status.

220110. Principal office.

220111. Records and inspection.

220112. Service of process.

220113. Annual report.

220114. Distribution of assets on dissolution or final

liquidation.

-End-

-CITE-

36 USC Sec. 220101 01/06/03

-EXPCITE-

TITLE 36 - PATRIOTIC AND NATIONAL OBSERVANCES, CEREMONIES, AND

ORGANIZATIONS

Subtitle II - Patriotic and National Organizations

Part B - Organizations

CHAPTER 2201 - UNITED SERVICE ORGANIZATIONS, INCORPORATED

-HEAD-

Sec. 220101. Organization

-STATUTE-

(a) Federal Charter. - United Service Organizations, Incorporated

(in this chapter, the "corporation"), is a federally chartered

corporation.

(b) Perpetual Existence. - Except as otherwise provided, the

corporation has perpetual existence.

-SOURCE-

(Pub. L. 105-225, Aug. 12, 1998, 112 Stat. 1459.)

-MISC1-

HISTORICAL AND REVISION NOTES

--------------------------------------------------------------------

Revised Source (U.S. Code) Source (Statutes at Large)

Section

--------------------------------------------------------------------

220101 36:1301. Dec. 29, 1979, Pub. L.

96-165, Sec. 1, 93 Stat.

1267.

--------------------------------------------------------------------

This section is substituted for the source provision for

consistency in the revised title and to eliminate unnecessary and

executed language.

-End-

-CITE-

36 USC Sec. 220102 01/06/03

-EXPCITE-

TITLE 36 - PATRIOTIC AND NATIONAL OBSERVANCES, CEREMONIES, AND

ORGANIZATIONS

Subtitle II - Patriotic and National Organizations

Part B - Organizations

CHAPTER 2201 - UNITED SERVICE ORGANIZATIONS, INCORPORATED

-HEAD-

Sec. 220102. Purposes

-STATUTE-

The purposes of the corporation are -

(1) to provide a voluntary civilian agency through which the

people of this Nation may, in peace or war, serve the religious,

spiritual, social, welfare, educational, and entertainment needs

of men and women in the Armed Forces, within or without the

territorial limits of the United States;

(2) to contribute to the maintenance of morale of men and women

in the Armed Forces;

(3) to solicit funds to maintain the organization and

accomplish its responsibility;

(4) to accept the cooperation of, and provide an organization

and means through which, the National Board of Young Men's

Christian Associations, the National Board of Young Women's

Christian Associations, the National Catholic Community Service,

the Salvation Army, the National Jewish Welfare Board, the

Travelers Aid-International Social Service of America, and other

civilian agencies experienced in specialized types of related

work, which may be needed adequately to meet the particular needs

of the members of the Armed Forces, may carry on their historic

work of serving the religious, spiritual, social, welfare,

educational, and entertainment needs of men and women in the

Armed Forces and be afforded an appropriate means of

participation and financial assistance;

(5) to coordinate their programs; and

(6) other consonant purposes.

-SOURCE-

(Pub. L. 105-225, Aug. 12, 1998, 112 Stat. 1459.)

-MISC1-

HISTORICAL AND REVISION NOTES

--------------------------------------------------------------------

Revised Source (U.S. Code) Source (Statutes at Large)

Section

--------------------------------------------------------------------

220102 36:1302. Dec. 29, 1979, Pub. L.

96-165, Sec. 2, 93 Stat.

1268.

--------------------------------------------------------------------

Before clause (1), the word "objects" is omitted as included in

"purposes".

In clause (4), the words "and to accept the cooperation of

individual citizens in accomplishing its purposes" are omitted as

unnecessary because of clause (1) of this section.

-SECREF-

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in sections 220103, 220104, 220105,

220108 of this title.

-End-

-CITE-

36 USC Sec. 220103 01/06/03

-EXPCITE-

TITLE 36 - PATRIOTIC AND NATIONAL OBSERVANCES, CEREMONIES, AND

ORGANIZATIONS

Subtitle II - Patriotic and National Organizations

Part B - Organizations

CHAPTER 2201 - UNITED SERVICE ORGANIZATIONS, INCORPORATED

-HEAD-

Sec. 220103. Membership

-STATUTE-

Except as provided in this chapter, the rights, privileges, and

designation of classes of members are as provided in the bylaws.

The membership of the corporation consists of -

(1) nine individuals designated by the President; and

(2) representatives of the civilian organizations listed in

section 220102(4) of this title, and of the public at large, as

provided in the bylaws.

-SOURCE-

(Pub. L. 105-225, Aug. 12, 1998, 112 Stat. 1459.)

-MISC1-

HISTORICAL AND REVISION NOTES

--------------------------------------------------------------------

Revised Source (U.S. Code) Source (Statutes at Large)

Section

--------------------------------------------------------------------

220103 36:1305(a). Dec. 29, 1979, Pub. L.

96-165, Sec. 5(a), 93 Stat.

1270.

--------------------------------------------------------------------

The text of 36:1305(a) (1st-3d sentences) and the word

"Thereafter" are omitted as executed and obsolete.

-End-

-CITE-

36 USC Sec. 220104 01/06/03

-EXPCITE-

TITLE 36 - PATRIOTIC AND NATIONAL OBSERVANCES, CEREMONIES, AND

ORGANIZATIONS

Subtitle II - Patriotic and National Organizations

Part B - Organizations

CHAPTER 2201 - UNITED SERVICE ORGANIZATIONS, INCORPORATED

-HEAD-

Sec. 220104. Governing body

-STATUTE-

(a) Board of Governors. - (1) The board of governors is the

governing body of the corporation. The board is responsible for the

general policies and program of the corporation and for the control

of the affairs and property of the corporation.

(2) The board shall be elected by the members of the corporation

for the term and in the classes provided in the bylaws of the

corporation. The board includes -

(A) six members appointed by the President;

(B) the Secretary of State or the Secretary's designee; and

(C) representatives of the civilian organizations listed in

section 220102(4) of this title, and of the public at large, as

provided in the bylaws.

(3) The corporation may have other governing bodies or committees

as provided in the bylaws.

(b) Officers. - (1) The office of honorary chairman of the

corporation shall be offered to the President. On acceptance, the

honorary chairman shall be invited to preside at meetings of the

corporation that the honorary chairman deems appropriate and

convenient.

(2) The corporation may have other officers as provided in the

bylaws.

-SOURCE-

(Pub. L. 105-225, Aug. 12, 1998, 112 Stat. 1460.)

-MISC1-

HISTORICAL AND REVISION NOTES

--------------------------------------------------------------------

Revised Source (U.S. Code) Source (Statutes at Large)

Section

--------------------------------------------------------------------

220104(a) 36:1305(b), (c). Dec. 29, 1979, Pub. L.

96-165, Sec. 5(b)-(d), 93

Stat. 1270.

220104(b) 36:1305(d).

--------------------------------------------------------------------

In subsection (a)(1), the words "The board of governors is the

governing body of the corporation" are substituted for "The

management of the corporation shall be entrusted to a board of

governors" for consistency in the revised title.

In subsection (a)(2), the text of 36:1305(b) (2d sentence) and

the word "Thereafter" are omitted as executed and obsolete.

In subsection (b)(1), the word "offered" is substituted for

"tendered" to use a more common word.

-End-

-CITE-

36 USC Sec. 220105 01/06/03

-EXPCITE-

TITLE 36 - PATRIOTIC AND NATIONAL OBSERVANCES, CEREMONIES, AND

ORGANIZATIONS

Subtitle II - Patriotic and National Organizations

Part B - Organizations

CHAPTER 2201 - UNITED SERVICE ORGANIZATIONS, INCORPORATED

-HEAD-

Sec. 220105. Powers

-STATUTE-

The corporation has all the powers necessary and proper to carry

out the purposes stated in section 220102 of this title, including

the power -

(1) to adopt and amend bylaws and regulations for the

management of its property and the regulation of its affairs;

(2) to adopt and alter a corporate seal;

(3) to adopt and alter emblems and marks;

(4) to establish and maintain offices to conduct the affairs of

the corporation;

(5) to choose officers, representatives, and agents as the

activities of the corporation require;

(6) to make contracts;

(7) to acquire, own, lease, encumber, and transfer property as

necessary or convenient to carry out the purposes of the

corporation;

(8) to borrow money, issue instruments of indebtedness, and

secure its obligations by granting security interests in its

property;

(9) to publish a magazine, newspaper, and other publications;

(10) to establish, regulate, and terminate councils,

organizations, chapters, or affiliates as needed to carry out the

purposes stated in section 220102 of this title;

(11) to solicit funds;

(12) to sue and be sued; and

(13) to do any other act necessary and proper to carry out the

purposes stated in section 220102 of this title.

-SOURCE-

(Pub. L. 105-225, Aug. 12, 1998, 112 Stat. 1460.)

-MISC1-

HISTORICAL AND REVISION NOTES

--------------------------------------------------------------------

Revised Source (U.S. Code) Source (Statutes at Large)

Section

--------------------------------------------------------------------

220105 36:1303. Dec. 29, 1979, Pub. L.

96-165, Secs. 3, 6 (1st

sentence), 93 Stat. 1269,

1271.

36:1306 (1st

sentence).

--------------------------------------------------------------------

In this section, the text of 36:1306 (1st sentence) is omitted as

executed and obsolete.

Before clause (1), the word "objects" is omitted as included in

"purposes". The word "including" is substituted for "Without

limiting the generality of the foregoing, the corporation shall

have the following specific powers" to eliminate unnecessary words.

In clause (1), the word "adopt" is substituted for "enact", the

word "regulations" is substituted for "rules, and regulations", and

the words "for the management of its property and the regulation of

its affairs" are substituted for "for its internal governance and

management", for consistency in the revised title. The words "not

inconsistent with this chapter or other provisions of law" are

omitted as unnecessary.

In clause (5), the words "as the activities of the corporation

require" are substituted for "as may be necessary to carry out the

corporate purposes" for consistency in the revised title.

In clause (6), the words "make contracts" are substituted for

"make and enter into contracts" for consistency in the revised

title and to eliminate unnecessary words.

Clause (7) is substituted for 36:1303(d) for consistency in the

revised title.

In clause (8), the words "for the purposes of the corporation"

are omitted as unnecessary. The words "instruments of indebtedness,

and secure its obligations by granting security interests in its

property" are substituted for "bonds therefor, and secure the same

by mortgage" for consistency in the revised title. The words

"subject in every case to all applicable provisions of Federal and

State law" are omitted as unnecessary.

In clause (10), the words "State, regional, local, and overseas"

are omitted as unnecessary. The words "as needed" are substituted

for "in such manner and by such rules as it deems appropriate so as

to enable it", and the words "to carry out the purposes stated in

section 220102 of this title" are substituted for "to carry out its

powers and accomplish the objects and purposes set forth in section

1302 of this title", to eliminate unnecessary words.

In clause (11), the word "raise" is omitted as included in

"solicit". The words "for the accomplishment of its purposes" are

omitted as unnecessary. The words "accept gifts, legacies, devises,

and support in furtherance thereof" are omitted as unnecessary

because the same power is granted by the words "solicit funds" (in

this clause) and "acquire [and] own . . . property" (in clause

(6)).

In clause (12), the words "in any court" are omitted as

unnecessary.

In clause (13), the words "any other act" are substituted for

"any and all acts and things" for consistency in the revised title

and to eliminate unnecessary words. The words "the purposes stated

in section 220102 of this title" are substituted for "the foregoing

specifically enumerated purposes" for clarity and consistency in

the revised section.

-End-

-CITE-

36 USC Sec. 220106 01/06/03

-EXPCITE-

TITLE 36 - PATRIOTIC AND NATIONAL OBSERVANCES, CEREMONIES, AND

ORGANIZATIONS

Subtitle II - Patriotic and National Organizations

Part B - Organizations

CHAPTER 2201 - UNITED SERVICE ORGANIZATIONS, INCORPORATED

-HEAD-

Sec. 220106. Exclusive right to name, seals, emblems, and badges

-STATUTE-

The corporation and its councils, organizations, chapters, and

affiliates have the exclusive right to use the names "United

Service Organizations, Incorporated" and "USO" and seals, emblems,

and badges the corporation adopts.

-SOURCE-

(Pub. L. 105-225, Aug. 12, 1998, 112 Stat. 1461.)

-MISC1-

HISTORICAL AND REVISION NOTES

--------------------------------------------------------------------

Revised Source (U.S. Code) Source (Statutes at Large)

Section

--------------------------------------------------------------------

220106 36:1307. Dec. 29, 1979, Pub. L.

96-165, Sec. 7, 93 Stat.

1271.

--------------------------------------------------------------------

The word "sole" is omitted as included in "exclusive", and the

words "such distinctive insignia" are omitted as included in

"seals, emblems, and badges". The words "lawfully" and "in carrying

out its purposes" are omitted as unnecessary.

-End-

-CITE-

36 USC Sec. 220107 01/06/03

-EXPCITE-

TITLE 36 - PATRIOTIC AND NATIONAL OBSERVANCES, CEREMONIES, AND

ORGANIZATIONS

Subtitle II - Patriotic and National Organizations

Part B - Organizations

CHAPTER 2201 - UNITED SERVICE ORGANIZATIONS, INCORPORATED

-HEAD-

Sec. 220107. Assistance by Department of Defense

-STATUTE-

The Secretary of Defense may make the resources of the Department

of Defense available to the corporation to the extent compatible

with the primary mission of the Department and in accordance with

guidelines issued by the Secretary.

-SOURCE-

(Pub. L. 105-225, Aug. 12, 1998, 112 Stat. 1461.)

-MISC1-

HISTORICAL AND REVISION NOTES

--------------------------------------------------------------------

Revised Source (U.S. Code) Source (Statutes at Large)

Section

--------------------------------------------------------------------

220107 36:1308. Dec. 29, 1979, Pub. L.

96-165, Sec. 8, 93 Stat.

1271.

--------------------------------------------------------------------

The words "Secretary of Defense" are substituted for "Department

of Defense" the first time they appear because of 10:113(a). The

words "in order to facilitate the accomplishment of the USO

mission" are omitted as unnecessary.

-End-

-CITE-

36 USC Sec. 220108 01/06/03

-EXPCITE-

TITLE 36 - PATRIOTIC AND NATIONAL OBSERVANCES, CEREMONIES, AND

ORGANIZATIONS

Subtitle II - Patriotic and National Organizations

Part B - Organizations

CHAPTER 2201 - UNITED SERVICE ORGANIZATIONS, INCORPORATED

-HEAD-

Sec. 220108. Restrictions

-STATUTE-

(a) Profit. - The corporation may not engage in business activity

for profit unless the activity is substantially related to -

(1) the purposes stated in section 220102 of this title; or

(2) raising funds to accomplish those purposes.

(b) Stock and Dividends. - The corporation may not issue stock or

declare or pay a dividend.

(c) Political Activities. - The corporation shall be nonpolitical

and may not provide financial aid or assistance to, or otherwise

promote the candidacy of, an individual seeking elective public

office. A substantial part of the activities of the corporation may

not involve carrying on propaganda or otherwise attempting to

influence legislation.

(d) Distribution of Income or Assets. - The income or assets of

the corporation may not inure to the benefit of a governor,

officer, member, or employee or be distributed to any person during

the life of the corporation or on its dissolution or final

liquidation. This subsection does not prevent the payment of

reasonable compensation to an officer, employee, or other person or

reimbursement for actual necessary expenses in amounts approved by

the board of governors.

(e) Loans. - The corporation may not make a loan to a governor,

officer, member, or employee.

-SOURCE-

(Pub. L. 105-225, Aug. 12, 1998, 112 Stat. 1461.)

-MISC1-

HISTORICAL AND REVISION NOTES

--------------------------------------------------------------------

Revised Source (U.S. Code) Source (Statutes at Large)

Section

--------------------------------------------------------------------

220108(a) 36:1304(b) (last Dec. 29, 1979, Pub. L.

sentence). 96-165, Sec. 4(a), (b), (d),

(e), 93 Stat. 1269, 1270.

220108(b) 36:1304(b) (1st

sentence).

220108(c) 36:1304(a).

220108(d) 36:1304(d).

220108(e) 36:1304(e).

--------------------------------------------------------------------

In subsection (a), before clause (1), the word "pecuniary" is

omitted as unnecessary.

In subsection (b), the words "any shares of capital" are omitted

as unnecessary.

In subsection (c), the words "as an organization" are omitted as

unnecessary.

In subsection (d) the words "inure to the benefit of" are

substituted for "inure to" for consistency in the revised title.

-End-

-CITE-

36 USC Sec. 220109 01/06/03

-EXPCITE-

TITLE 36 - PATRIOTIC AND NATIONAL OBSERVANCES, CEREMONIES, AND

ORGANIZATIONS

Subtitle II - Patriotic and National Organizations

Part B - Organizations

CHAPTER 2201 - UNITED SERVICE ORGANIZATIONS, INCORPORATED

-HEAD-

Sec. 220109. Duty to maintain corporate status

-STATUTE-

The corporation shall maintain its status as a corporation

incorporated under the laws of New York, another State, or the

District of Columbia.

-SOURCE-

(Pub. L. 105-225, Aug. 12, 1998, 112 Stat. 1461.)

-MISC1-

HISTORICAL AND REVISION NOTES

--------------------------------------------------------------------

Revised Source (U.S. Code) Source (Statutes at Large)

Section

--------------------------------------------------------------------

220109 36:1306 (last Dec. 29, 1979, Pub. L.

sentence). 96-165, Sec. 6 (last

sentence), 93 Stat. 1271.

--------------------------------------------------------------------

-End-

-CITE-

36 USC Sec. 220110 01/06/03

-EXPCITE-

TITLE 36 - PATRIOTIC AND NATIONAL OBSERVANCES, CEREMONIES, AND

ORGANIZATIONS

Subtitle II - Patriotic and National Organizations

Part B - Organizations

CHAPTER 2201 - UNITED SERVICE ORGANIZATIONS, INCORPORATED

-HEAD-

Sec. 220110. Principal office

-STATUTE-

The principal office of the corporation shall be in New York, New

York, or another place decided by the board of governors. However,

the activities of the corporation are not confined to the place

where the principal office is located but may be conducted

throughout the States, territories, and possessions of the United

States and in foreign countries.

-SOURCE-

(Pub. L. 105-225, Aug. 12, 1998, 112 Stat. 1461.)

-MISC1-

HISTORICAL AND REVISION NOTES

--------------------------------------------------------------------

Revised Source (U.S. Code) Source (Statutes at Large)

Section

--------------------------------------------------------------------

220110 36:1309(a). Dec. 29, 1979, Pub. L.

96-165, Sec. 9(a), 93 Stat.

1271.

--------------------------------------------------------------------

The word "various" is omitted as unnecessary.

-End-

-CITE-

36 USC Sec. 220111 01/06/03

-EXPCITE-

TITLE 36 - PATRIOTIC AND NATIONAL OBSERVANCES, CEREMONIES, AND

ORGANIZATIONS

Subtitle II - Patriotic and National Organizations

Part B - Organizations

CHAPTER 2201 - UNITED SERVICE ORGANIZATIONS, INCORPORATED

-HEAD-

Sec. 220111. Records and inspection

-STATUTE-

(a) Records. - The corporation shall keep -

(1) correct and complete records of account;

(2) minutes of the proceedings of its members, board of

governors, and committees having any of the authority of its

board of governors; and

(3) at its principal office, a record of the names and

addresses of its members entitled to vote.

(b) Inspection. - A member, or an agent or attorney of the

member, may inspect the records of the corporation for any proper

purpose, at any reasonable time.

-SOURCE-

(Pub. L. 105-225, Aug. 12, 1998, 112 Stat. 1461.)

-MISC1-

HISTORICAL AND REVISION NOTES

--------------------------------------------------------------------

Revised Source (U.S. Code) Source (Statutes at Large)

Section

--------------------------------------------------------------------

220111 36:1309(d). Dec. 29, 1979, Pub. L.

96-165, Sec. 9(d), 93 Stat.

1271.

--------------------------------------------------------------------

The word "records" is substituted for "books and records" for

consistency in the revised title and with other titles of the

United States Code.

-End-

-CITE-

36 USC Sec. 220112 01/06/03

-EXPCITE-

TITLE 36 - PATRIOTIC AND NATIONAL OBSERVANCES, CEREMONIES, AND

ORGANIZATIONS

Subtitle II - Patriotic and National Organizations

Part B - Organizations

CHAPTER 2201 - UNITED SERVICE ORGANIZATIONS, INCORPORATED

-HEAD-

Sec. 220112. Service of process

-STATUTE-

(a) District of Columbia. - 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, or

mailed to the business address of the agent, is notice to or

service on the corporation.

(b) States, Territories, and Possessions. - The corporation shall

file, with the secretary of state or other designated official of

each State, territory, or possession of the United States in which

the corporation or a council, organization, chapter, or affiliate

may have activities, the name and address of an agent in that

State, territory, or possession on whom legal process or demands

against the corporation may be served.

-SOURCE-

(Pub. L. 105-225, Aug. 12, 1998, 112 Stat. 1462.)

-MISC1-

HISTORICAL AND REVISION NOTES

--------------------------------------------------------------------

Revised Source (U.S. Code) Source (Statutes at Large)

Section

--------------------------------------------------------------------

220112(a) 36:1309(b). Dec. 29, 1979, Pub. L.

96-165, Sec. 9(b), (c), 93

Stat. 1271.

220112(b) 36:1309(c).

--------------------------------------------------------------------

In subsection (b), the words "with the secretary of state or

other designated official" are substituted for "in the office of

the secretary" for clarity and consistency in the revised title.

The words "local, State, or regional", "post office", and

"authorized" are omitted as unnecessary. The words "in that State,

territory, or possession" are added (the 2d time they appear), and

the words "legal process" are substituted for "local process", for

clarity and consistency in the revised title.

-End-

-CITE-

36 USC Sec. 220113 01/06/03

-EXPCITE-

TITLE 36 - PATRIOTIC AND NATIONAL OBSERVANCES, CEREMONIES, AND

ORGANIZATIONS

Subtitle II - Patriotic and National Organizations

Part B - Organizations

CHAPTER 2201 - UNITED SERVICE ORGANIZATIONS, INCORPORATED

-HEAD-

Sec. 220113. Annual report

-STATUTE-

The corporation shall make public an annual report on its

activities for the prior calendar year.

-SOURCE-

(Pub. L. 105-225, Aug. 12, 1998, 112 Stat. 1462.)

-MISC1-

HISTORICAL AND REVISION NOTES

--------------------------------------------------------------------

Revised Source (U.S. Code) Source (Statutes at Large)

Section

--------------------------------------------------------------------

220113 36:1309(e), (f). Dec. 29, 1979, Pub. L.

96-165, Sec. 9(e), (f), 93

Stat. 1272.

--------------------------------------------------------------------

The word "proceedings" is omitted for consistency in the revised

title. The text of 36:1309(f) is omitted as unnecessary because of

36:1101(50).

-End-

-CITE-

36 USC Sec. 220114 01/06/03

-EXPCITE-

TITLE 36 - PATRIOTIC AND NATIONAL OBSERVANCES, CEREMONIES, AND

ORGANIZATIONS

Subtitle II - Patriotic and National Organizations

Part B - Organizations

CHAPTER 2201 - UNITED SERVICE ORGANIZATIONS, INCORPORATED

-HEAD-

Sec. 220114. Distribution of assets on dissolution or final

liquidation

-STATUTE-

On dissolution or final liquidation of the corporation, any

assets remaining after the discharge of all liabilities shall be

distributed as provided by the board of governors, but in

compliance with the bylaws. However, the assets of the corporation

are irrevocably dedicated to charitable purposes and may not inure

to the benefit of a private person except a fund, foundation, or

organization operated exclusively for charitable purposes.

-SOURCE-

(Pub. L. 105-225, Aug. 12, 1998, 112 Stat. 1462.)

-MISC1-

HISTORICAL AND REVISION NOTES

--------------------------------------------------------------------

Revised Source (U.S. Code) Source (Statutes at Large)

Section

--------------------------------------------------------------------

220114 36:1304(c). Dec. 29, 1979, Pub. L.

96-165, Sec. 4(c), 93 Stat.

1269.

--------------------------------------------------------------------

The word "satisfaction" is omitted as included in "discharge",

and the word "obligations" is omitted as included in "liabilities".

The word "outstanding" is omitted as unnecessary. The words "as

provided by" are substituted for "in accordance with the

determination of" for consistency in the revised title. The words

"and all Federal and State laws applicable thereto" are omitted as

unnecessary. The word "organization" is substituted for

"association, or corporation" to omit unnecessary words.

-End-