,i  #aac? ,,congress  #b;d ,session  ,h4
 ,r4 #efej  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,septemb] #ah1 #bjad  
,mr4 ,ross introduc$ ! foll[+ bill2 :i* 
0 ref]r$ to ! ,committee on ! ,judici>y 
,a ,,bill  ,to grant a ,f$]al *>t] to ! 
,national ,academy ( ,inv5tors4  #a4    
,grant ( ,f$]al *>t] to ! ,national     
,academy ( ,inv5tors  7a7 ,grant ( *>t] 
,"p ,b ( subtitle ,,ii ( title #cf1     
,unit$ ,/ates ,code1 is am5d$ by ins]t+ 
aft] *apt] #aejc ! foll[+ new *apt]3    
#aejd ,national ,academy ( ,inv5tors    
#aejdja4 ,f9d+s ,congress f9ds ! foll[+3
  7#a7 ,! majority ( our ,nation's basic
 rese>* is done at our colleges &       
univ]sities4  7#b7 ,! ,national ,academy
 ( ,inv5tors recognizes & enc\rages     
inv5tors :o h a pat5t issu$ f ! ,unit$  
,/ates ,pat5t & ,tradem>k ,(fice4  7#c7 
,! ,national ,academy ( ,inv5tors       
enhances ! visibility ( univ]sity &     
non-pr(it rese>* in/itute te*nology &   
academic innovation4  7#d7 ,! ,national 
,academy ( ,inv5tors enc\rages !        

disclosure ( intellectual prop]ty4  7#e7
 ,! ,national ,academy ( ,inv5tors      
educates & m5tors innovative /ud5ts4    
7#f7 ,! sy/ematic application ( organiz$
 k & in=mation c g5]ate te*nology &     
produce creative solutions to exi/+     
problems4  7#g7 ,innovation1 bas$ on new
 inv5tions & te*nologies1 has prov5 to  
be a key factor 9 ! indu/rial & economic
 developm5t ( ! _w4  7#h7 ,! ,national  
,academy ( ,inv5tors s]ves a valuable   
role 9 ! translation ( sci5ce &         
te*nology )9 ! univ]sity & non-pr(it    
rese>* in/itute community1 & = ! b5efit 
( society4  7#i7 ,congress supports !   
mission ( ! ,national ,academy (        
,inv5tors to enc\rage ! translation ( ! 
inv5tions ( its memb]s to b5efit        
society4  #aejdjb4 ,organization  7a7   
,f$]al *>t] ,! ,national ,academy (     
,inv5tors1 a n = pr(it organization t   
meets ! requirem5ts "u section          
#eja7;c77#c7 ( ! int]nal rev5ue code1 & 
is organiz$ "u ! laws ( ! ,/ate (       
,florida1 is a f$]ally *>t]$            

organization4  7b7 ,expiration ( ,*>t]  
,if ! organization does n comply ) !    
provisions ( ?is *apt]1 ! *>t] grant$   
%all expire4  #aejdjc4 ,purposes ,!     
purposes ( ! organization are z provid$ 
9 its bylaws & articles ( incorporation4
  #aejdjd4 ,gov]n+ body  7a7 ,bo>d (    
,directors ,! composition ( ! bo>d (    
directors = ! organization1 & !         
responsibilities ( ! bo>d are z provid$ 
9 ! articles ( incorporation & bylaws ( 
! organization4  7b7 ,(fic]s ,!         
positions ( (fic]s_/executive committee 
memb]s ( ! organization1 & ! election ( 
! (fic]s & executive committee memb]s1  
are z provid$ 9 ! articles (            
incorporation & bylaws4  7c7 ,executive 
,committee ,! positions ( executive     
committee memb]s ( ! organization1 & !  
election ( executive committee memb]s1  
are z provid$ 9 ! articles (            
incorporation & bylaws4  7d7 ,executive 
,advisory ,bo>d ,! composition ( !      
executive advisory bo>d = !             
organization1 & ! responsibilities ( !  

executive advisory bo>d are z provid$ 9 
! articles ( incorporation & bylaws ( ! 
organization4  #aejdje4 ,p[]s ,!        
corporation has only ^? p[]s provid$ 9  
its bylaws & articles ( incorporation   
fil$ 9 ea* ,/ate 9 :i* x is incorporat$4
  #aejdjf4 ,re/rictions  7a7 ,/ock &    
,divid5ds ,! corporation may n issue    
/ock or decl>e or pay a divid5d4  7b7   
,di/ribution ( ,income or ,assets ,no "p
 ( ! income or assets ( ?is ,corporation
 w be di/ribut$1 to its ,directors or   
,(fic]s4 ,h[ev]1 ! corporation may      
contract 9 due c\rse ( bus9ess ) its    
,(fic]s or ,directors = s]vices r5d]$ to
 ! ext5t p]missible "u ! articles (     
incorporation1 "u law & "u section      
#eja7;c77#c7 ( ! ,unit$ ,/ates ,int]nal 
,rev5ue ,code ( #aihf4  7c7 ,loans ,!   
organization may n loan money to any (  
its directors or (fic]s4  7d7 ,corporate
 ,/atus ,! organization %all ma9ta9 its 
/atus z a corporation incorporat$ "u !  
laws ( ! ,/ate ( ,florida4  #aejdjg4    
,tax-exempt /atus requir$ z a condition 

( *>t] ,if ! corporation fails to ma9ta9
 its /atus z an organization exempt f   
taxation "u ! ,int]nal ,rev5ue ,code (  
#aihf1 ! *>t] grant$ "u ?is *apt] %all  
t]m9ate4  #aejdjh4 ,records ,!          
organization %all keep--  7#a7 correct &
 complete records ( acc\nt2  7#b7 m9utes
 ( ! proce$+s ( ! memb]s1 bo>d (        
directors1 & committees ( ! corporation 
hav+ any ( ! au?ority ( ! bo>d (        
directors ( ! corporation2 &  7#c7 at ! 
pr9cipal (fice ( ! corporation1 a record
 ( ! names & addresses ( ! memb]s ( !   
corporation entitl$ to vote on matt]s   
relat+ to ! corporation4  #aejdji4      
,liability = acts ( (fic]s & ag5ts ,!   
organization is liable = any act ( any  
(fic] or ag5t ( ! corporation act+ )9 ! 
scope ( ! au?ority ( ! corporation4     
#aejdaj4 ,annual report ,! corporation  
%all transmit to ,congress an annual    
report on ! activities ( ! corporation  
dur+ ! prec$+ fiscal ye>4 ,! report %all
 be submitt$ at ! same "t z ! report ( !
 audit requir$4 ,! report may n be pr9t$

 z a public docum5t4  4  7b7 ,cl]ical   
am5dm5t ,! table ( *apt]s at ! beg9n+ ( 
subtitle ,,ii ( title #cf1 ,unit$ ,/ates
 ,code1 is am5d$ by ins]t+ aft] ! item  
relat+ to *apt] #aejc ! foll[+ new item3
  #aejd4 ,national ,academy (           
,inv5tors444444444444444444444444444444#
aejdja  4