,i  #aacth ,,congress  #b;d ,session    
,h4 ,r4 #efej  ,,in ,,the ,,house ,,of  
,,representatives  ,september #ah1 #bjad
 ,mr4 ,ross introduced the following    
bill2 which was referred to the         
,committee on the ,judiciary  ,a ,,bill 
,to grant a ,federal charter to the     
,national ,academy of ,inventors4  #a4  
,grant of ,federal charter to the       
,national ,academy of ,inventors  7a7   
,grant of charter ,part ,b of subtitle  
,,ii of title #cf1 ,united ,states      
,code1 is amended by inserting after    
chapter #aejc the following new chapter3
  #aejd ,national ,academy of ,inventors
  #aejdja4 ,findings ,congress finds the
 following3  7#a7 ,the majority of our  
,nation's basic research is done at our 
colleges and universities4  7#b7 ,the   
,national ,academy of ,inventors        
recognizes and encourages inventors who 
have a patent issued from the ,united   
,states ,patent and ,trademark ,office4 
7#c7 ,the ,national ,academy of         
,inventors enhances the visibility of   

university and non-profit research      
institute technology and academic       
innovation4  7#d7 ,the ,national        
,academy of ,inventors encourages the   
disclosure of intellectual property4    
7#e7 ,the ,national ,academy of         
,inventors educates and mentors         
innovative students4  7#f7 ,the         
systematic application of organized     
knowledge and information can generate  
technology and produce creative         
solutions to existing problems4  7#g7   
,innovation1 based on new inventions and
 technologies1 has proven to be a key   
factor in the industrial and economic   
development of the world4  7#h7 ,the    
,national ,academy of ,inventors serves 
a valuable role in the translation of   
science and technology within the       
university and non-profit research      
institute community1 and for the benefit
 of society4  7#i7 ,congress supports   
the mission of the ,national ,academy of
 ,inventors to encourage the translation
 of the inventions of its members to    

benefit society4  #aejdjb4 ,organization
  7a7 ,federal charter ,the ,national   
,academy of ,inventors1 a not for profit
 organization that meets the            
requirements under section #eja7;c77#c7 
of the internal revenue code1 and is    
organized under the laws of the ,state  
of ,florida1 is a federally chartered   
organization4  7b7 ,expiration of       
,charter ,if the organization does not  
comply with the provisions of this      
chapter1 the charter granted shall      
expire4  #aejdjc4 ,purposes ,the        
purposes of the organization are as     
provided in its bylaws and articles of  
incorporation4  #aejdjd4 ,governing body
  7a7 ,board of ,directors ,the         
composition of the board of directors   
for the organization1 and the           
responsibilities of the board are as    
provided in the articles of             
incorporation and bylaws of the         
organization4  7b7 ,officers ,the       
positions of officers_/executive        
committee members of the organization1  

and the election of the officers and    
executive committee members1 are as     
provided in the articles of             
incorporation and bylaws4  7c7          
,executive ,committee ,the positions of 
executive committee members of the      
organization1 and the election of       
executive committee members1 are as     
provided in the articles of             
incorporation and bylaws4  7d7          
,executive ,advisory ,board ,the        
composition of the executive advisory   
board for the organization1 and the     
responsibilities of the executive       
advisory board are as provided in the   
articles of incorporation and bylaws of 
the organization4  #aejdje4 ,powers ,the
 corporation has only those powers      
provided in its bylaws and articles of  
incorporation filed in each ,state in   
which it is incorporated4  #aejdjf4     
,restrictions  7a7 ,stock and ,dividends
 ,the corporation may not issue stock or
 declare or pay a dividend4  7b7        
,distribution of ,income or ,assets ,no 

part of the income or assets of this    
,corporation will be distributed1 to its
 ,directors or ,officers4 ,however1 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
 incorporation1 under law and under     
section #eja7;c77#c7 of the ,united     
,states ,internal ,revenue ,code of     
#aihf4  7c7 ,loans ,the organization may
 not loan money to any of its directors 
or officers4  7d7 ,corporate ,status    
,the organization shall maintain its    
status as a corporation incorporated    
under the laws of the ,state of         
,florida4  #aejdjg4 ,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 #aihf1 the charter granted     
under this chapter shall terminate4     
#aejdjh4 ,records ,the organization     
shall keep--  7#a7 correct and complete 

records of account2  7#b7 minutes of the
 proceedings of the members1 board of   
directors1 and committees of the        
corporation having any of the authority 
of the board of directors of the        
corporation2 and  7#c7 at the principal 
office of the corporation1 a record of  
the names and addresses of the members  
of the corporation entitled to vote on  
matters relating to the corporation4    
#aejdji4 ,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 corporation4    
#aejdaj4 ,annual report ,the corporation
 shall transmit to ,congress an annual  
report on the activities of the         
corporation during the preceding fiscal 
year4 ,the report shall be submitted at 
the same time as the report of the audit
 required4 ,the report may not be       
printed as a public document4  4  7b7   
,clerical amendment ,the table of       
chapters at the beginning of subtitle   

,,ii of title #cf1 ,united ,states      
,code1 is amended by inserting after the
 item relating to chapter #aejc the     
following new item3  #aejd4 ,national   
,academy of                             
,inventors444444444444444444444444444444
#aejdja  4