36 USC CHAPTER 1519 - NATIONAL FUND FOR MEDICAL EDUCATION 01/03/2007

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-CITE- 36 USC CHAPTER 1519 - NATIONAL FUND FOR MEDICAL EDUCATION 01/03/2007 -EXPCITE- TITLE 36 - PATRIOTIC AND NATIONAL OBSERVANCES, CEREMONIES, AND ORGANIZATIONS Subtitle II - Patriotic and National Organizations Part B - Organizations CHAPTER 1519 - NATIONAL FUND FOR MEDICAL EDUCATION -HEAD- CHAPTER 1519 - NATIONAL FUND FOR MEDICAL EDUCATION -MISC1- Sec. 151901. Organization. 151902. Purposes. 151903. Membership. 151904. Governing body. 151905. Powers. 151906. Restrictions. 151907. Principal office. 151908. Records and inspection. 151909. Service of process. 151910. Liability for acts of officers and agents. 151911. Distribution of assets on dissolution or final liquidation. -End- -CITE- 36 USC Sec. 151901 01/03/2007 -EXPCITE- TITLE 36 - PATRIOTIC AND NATIONAL OBSERVANCES, CEREMONIES, AND ORGANIZATIONS Subtitle II - Patriotic and National Organizations Part B - Organizations CHAPTER 1519 - NATIONAL FUND FOR MEDICAL EDUCATION -HEAD- Sec. 151901. Organization -STATUTE- (a) Federal Charter. - National Fund for Medical Education (in this chapter, the "corporation") is a federally chartered corporation. (b) Place of Incorporation and Domicile. - The corporation is declared to be incorporated and domiciled in the District of Columbia. (c) Perpetual Existence. - Except as otherwise provided, the corporation has perpetual existence. -SOURCE- (Pub. L. 105-225, Aug. 12, 1998, 112 Stat. 1407.) -MISC1- HISTORICAL AND REVISION NOTES -------------------------------------------------------------------- Revised Source (U.S. Code) Source (Statutes at Large) Section -------------------------------------------------------------------- 151901 36:601. Aug. 28, 1954, ch. 1036, Secs. 1, 2, 4(1), 68 Stat. 891, 892. 36:602. 36:604(1). -------------------------------------------------------------------- This section is substituted for the source provisions for consistency in the revised title and to eliminate unnecessary and executed words. -End- -CITE- 36 USC Sec. 151902 01/03/2007 -EXPCITE- TITLE 36 - PATRIOTIC AND NATIONAL OBSERVANCES, CEREMONIES, AND ORGANIZATIONS Subtitle II - Patriotic and National Organizations Part B - Organizations CHAPTER 1519 - NATIONAL FUND FOR MEDICAL EDUCATION -HEAD- Sec. 151902. Purposes -STATUTE- The purposes of the corporation are to raise from private sources, administer, and disperse funds for medical education, and in carrying out those purposes, to take other appropriate action to promote - (1) the interpretation of the needs of medical education to the American public; (2) the encouragement of the growth, development, and advancement of constantly improving standards and methods in the education and training of all medical personnel in the United States; and (3) the preservation of academic freedom in the institutions of medical education. -SOURCE- (Pub. L. 105-225, Aug. 12, 1998, 112 Stat. 1408.) -MISC1- HISTORICAL AND REVISION NOTES -------------------------------------------------------------------- Revised Source (U.S. Code) Source (Statutes at Large) Section -------------------------------------------------------------------- 151902 36:603. Aug. 28, 1954, ch. 1036, Sec. 3, 68 Stat. 892. -------------------------------------------------------------------- The words "in carrying out those purposes" are substituted for "in connection therewith" for clarity. In clause (2), the word "personnel" is substituted for "manpower" to use a word that is gender-neutral. -End- -CITE- 36 USC Sec. 151903 01/03/2007 -EXPCITE- TITLE 36 - PATRIOTIC AND NATIONAL OBSERVANCES, CEREMONIES, AND ORGANIZATIONS Subtitle II - Patriotic and National Organizations Part B - Organizations CHAPTER 1519 - NATIONAL FUND FOR MEDICAL EDUCATION -HEAD- Sec. 151903. Membership -STATUTE- (a) Eligibility. - Except as provided in this chapter, eligibility for membership in the corporation and the rights, privileges, and designation of classes of members are as provided in the constitution and bylaws of the corporation. (b) Voting. - Each member (except an honorary, sustaining, or associate member) has one vote on each matter submitted to a vote at a meeting of the members. -SOURCE- (Pub. L. 105-225, Aug. 12, 1998, 112 Stat. 1408.) -MISC1- HISTORICAL AND REVISION NOTES -------------------------------------------------------------------- Revised Source (U.S. Code) Source (Statutes at Large) Section -------------------------------------------------------------------- 151903 36:606. Aug. 28, 1954, ch. 1036, Sec. 6, 68 Stat. 893. -------------------------------------------------------------------- In subsection (a), the words "are as provided in the constitution and bylaws of the corporation" are substituted for "shall . . . be determined as the constitution and bylaws of the corporation may provide" for consistency in the revised title and to eliminate unnecessary words. In subsection (b), the words "the right to" are omitted as unnecessary. -End- -CITE- 36 USC Sec. 151904 01/03/2007 -EXPCITE- TITLE 36 - PATRIOTIC AND NATIONAL OBSERVANCES, CEREMONIES, AND ORGANIZATIONS Subtitle II - Patriotic and National Organizations Part B - Organizations CHAPTER 1519 - NATIONAL FUND FOR MEDICAL EDUCATION -HEAD- Sec. 151904. Governing body -STATUTE- (a) Board of Directors. - (1) The board of directors is the governing body of the corporation. Between meetings of the members of the corporation, the board is responsible for the general policies and program of the corporation and for the control of all funds of the corporation. (2) The number of directors, their manner of selection (including the filling of vacancies), and their term of office are as provided in the constitution and bylaws of the corporation. However - (A) the corporation shall have at least 15 but not more than 25 directors; and (B) at least four of the directors shall be members of the medical profession. (b) Officers. - (1) The officers of the corporation are a chairman of the board of directors, a president, one or more vice presidents as provided in the constitution and bylaws, a secretary, a treasurer, and one or more assistant secretaries and assistant treasurers as provided in the constitution and bylaws. (2) The manner of election, term of office, and duties of the officers are as provided in the constitution and bylaws. -SOURCE- (Pub. L. 105-225, Aug. 12, 1998, 112 Stat. 1408.) -MISC1- HISTORICAL AND REVISION NOTES -------------------------------------------------------------------- Revised Source (U.S. Code) Source (Statutes at Large) Section -------------------------------------------------------------------- 151904(a) 36:607. Aug. 28, 1954, ch. 1036, Secs. 7, 8, 68 Stat. 893. 151904(b) 36:608. -------------------------------------------------------------------- In subsection (a), the text of 36:607(a) is omitted as obsolete. In paragraph (1), the words "control of all funds of the corporation" are substituted for "control of all contributed funds as may be raised by the corporation" to eliminate unnecessary words. -End- -CITE- 36 USC Sec. 151905 01/03/2007 -EXPCITE- TITLE 36 - PATRIOTIC AND NATIONAL OBSERVANCES, CEREMONIES, AND ORGANIZATIONS Subtitle II - Patriotic and National Organizations Part B - Organizations CHAPTER 1519 - NATIONAL FUND FOR MEDICAL EDUCATION -HEAD- Sec. 151905. Powers -STATUTE- The corporation may - (1) adopt and amend a constitution and bylaws for the management of its property and the regulation of its affairs; (2) adopt and alter a corporate seal; (3) choose officers, managers, employees, and agents as the activities of the corporation require; (4) make contracts; (5) acquire, own, lease, encumber, and transfer property as necessary or convenient to carry out the purposes of the corporation; (6) borrow money, issue instruments of indebtedness, and secure its obligations by granting security interests in its property; and (7) sue and be sued. -SOURCE- (Pub. L. 105-225, Aug. 12, 1998, 112 Stat. 1408.) -MISC1- HISTORICAL AND REVISION NOTES -------------------------------------------------------------------- Revised Source (U.S. Code) Source (Statutes at Large) Section -------------------------------------------------------------------- 151905 36:604(2)-(9). Aug. 28, 1954, ch. 1036, Secs. 4(2)-(9), 16, 68 Stat. 892, 895. 36:616. -------------------------------------------------------------------- In this section, the text of 36:616 is omitted as executed and obsolete. In clause (1), the word "alter" is omitted as included in "amend". The words "not inconsistent with the laws of the United States or any State in which the corporation is to operate" are omitted as unnecessary. In clause (2), the word "use" is omitted as unnecessary. In clause (3), the word "activities" is substituted for "business" for consistency in the revised title. Clause (5) is substituted for "take by lease, gift, purchase, grant, devise, or bequest from any private corporation, association, partnership, firm or individual and to hold any property, real, personal or mixed, necessary or convenient for attaining the objects and carrying into effect the purposes of the corporation" and "transfer, convey, lease, sublease, encumber and otherwise alienate real, personal or mixed property" for consistency in the revised title and to eliminate unnecessary words. The words "subject, however, to applicable provisions of law of any State (A) governing the amount or kind of property which may be held by, or (B) otherwise limiting or controlling the ownership of property by, a corporation operating in such State" are omitted as unnecessary. In clause (6), the words "for the purposes of the corporation" are omitted as unnecessary. The words "issue instruments of indebtedness, and secure its obligations by granting security interests in its property" are substituted for "issue bonds therefor, and secure the same by mortgage, deed of trust, pledge or otherwise" for consistency in the revised title. The words "subject in every case to all applicable provisions of Federal and State laws" are omitted as unnecessary. In clause (7), the words "complain and defend in any court of competent jurisdiction" are omitted as unnecessary. -End- -CITE- 36 USC Sec. 151906 01/03/2007 -EXPCITE- TITLE 36 - PATRIOTIC AND NATIONAL OBSERVANCES, CEREMONIES, AND ORGANIZATIONS Subtitle II - Patriotic and National Organizations Part B - Organizations CHAPTER 1519 - NATIONAL FUND FOR MEDICAL EDUCATION -HEAD- Sec. 151906. Restrictions -STATUTE- (a) Stock and Dividends. - The corporation may not issue stock or declare or pay a dividend. (b) Political Activities. - The corporation or a director or officer as such may not contribute to, support, or assist a political party or candidate for public office. (c) Distribution of Income or Assets. - The income or assets of the corporation may not inure to the benefit of, or be distributed to, a director, officer, or member during the life of the corporation or on its dissolution or final liquidation. This subsection does not prevent the payment of compensation to an officer in an amount approved by the board of directors. (d) Loans. - The corporation may not make a loan or advance to a director, officer, or employee. Directors who vote for or assent to making a loan or advance to a director, officer, or employee, and officers who participate in making the loan or advance, are jointly and severally liable to the corporation for the amount of the loan or advance until it is repaid. -SOURCE- (Pub. L. 105-225, Aug. 12, 1998, 112 Stat. 1409.) -MISC1- HISTORICAL AND REVISION NOTES -------------------------------------------------------------------- Revised Source (U.S. Code) Source (Statutes at Large) Section -------------------------------------------------------------------- 151906(a) 36:612. Aug. 28, 1954, ch. 1036, Secs. 9, 10, 12, 68 Stat. 894. 151906(b) 36:610. 151906(c) 36:609(a). 151906(d) 36:609(b). -------------------------------------------------------------------- In subsection (a), the words "any shares of" are omitted as unnecessary. In subsection (c), the words "inure to the benefit of" are substituted for "inure to" for consistency in the revised title. The words "This subsection does not" are substituted for "Nothing in this subsection, however, shall be construed to" for consistency in the revised title and to eliminate unnecessary words. In subsection (d), the words "or advance" are added in 2 places for consistency in the subsection. -End- -CITE- 36 USC Sec. 151907 01/03/2007 -EXPCITE- TITLE 36 - PATRIOTIC AND NATIONAL OBSERVANCES, CEREMONIES, AND ORGANIZATIONS Subtitle II - Patriotic and National Organizations Part B - Organizations CHAPTER 1519 - NATIONAL FUND FOR MEDICAL EDUCATION -HEAD- Sec. 151907. Principal office -STATUTE- The principal office of the corporation shall be in New York, New York, or another place decided by the board of directors. 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. -SOURCE- (Pub. L. 105-225, Aug. 12, 1998, 112 Stat. 1409.) -MISC1- HISTORICAL AND REVISION NOTES -------------------------------------------------------------------- Revised Source (U.S. Code) Source (Statutes at Large) Section -------------------------------------------------------------------- 151907 36:605(a). Aug. 28, 1954, ch. 1036, Sec. 5(a), 68 Stat. 893. -------------------------------------------------------------------- The word "various" is omitted as unnecessary. -End- -CITE- 36 USC Sec. 151908 01/03/2007 -EXPCITE- TITLE 36 - PATRIOTIC AND NATIONAL OBSERVANCES, CEREMONIES, AND ORGANIZATIONS Subtitle II - Patriotic and National Organizations Part B - Organizations CHAPTER 1519 - NATIONAL FUND FOR MEDICAL EDUCATION -HEAD- Sec. 151908. 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 directors, and committees having any of the authority of its board of directors; and (3) at its principal office, a record of the names and addresses of its members entitled to vote. (b) Inspection. - A member entitled to vote, 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. 1409.) -MISC1- HISTORICAL AND REVISION NOTES -------------------------------------------------------------------- Revised Source (U.S. Code) Source (Statutes at Large) Section -------------------------------------------------------------------- 151908 36:613. Aug. 28, 1954, ch. 1036, Sec. 13, 68 Stat. 894. -------------------------------------------------------------------- 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. 151909 01/03/2007 -EXPCITE- TITLE 36 - PATRIOTIC AND NATIONAL OBSERVANCES, CEREMONIES, AND ORGANIZATIONS Subtitle II - Patriotic and National Organizations Part B - Organizations CHAPTER 1519 - NATIONAL FUND FOR MEDICAL EDUCATION -HEAD- Sec. 151909. Service of process -STATUTE- 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. -SOURCE- (Pub. L. 105-225, Aug. 12, 1998, 112 Stat. 1409.) -MISC1- HISTORICAL AND REVISION NOTES -------------------------------------------------------------------- Revised Source (U.S. Code) Source (Statutes at Large) Section -------------------------------------------------------------------- 151909 36:605(b). Aug. 28, 1954, ch. 1036, Sec. 5(b), 68 Stat. 893. -------------------------------------------------------------------- -End- -CITE- 36 USC Sec. 151910 01/03/2007 -EXPCITE- TITLE 36 - PATRIOTIC AND NATIONAL OBSERVANCES, CEREMONIES, AND ORGANIZATIONS Subtitle II - Patriotic and National Organizations Part B - Organizations CHAPTER 1519 - NATIONAL FUND FOR MEDICAL EDUCATION -HEAD- Sec. 151910. Liability for acts of officers and agents -STATUTE- The corporation is liable for the acts of its officers and agents acting within the scope of their authority. -SOURCE- (Pub. L. 105-225, Aug. 12, 1998, 112 Stat. 1409.) -MISC1- HISTORICAL AND REVISION NOTES -------------------------------------------------------------------- Revised Source (U.S. Code) Source (Statutes at Large) Section -------------------------------------------------------------------- 151910 36:611. Aug. 28, 1954, ch. 1036, Sec. 11, 68 Stat. 894. -------------------------------------------------------------------- -End- -CITE- 36 USC Sec. 151911 01/03/2007 -EXPCITE- TITLE 36 - PATRIOTIC AND NATIONAL OBSERVANCES, CEREMONIES, AND ORGANIZATIONS Subtitle II - Patriotic and National Organizations Part B - Organizations CHAPTER 1519 - NATIONAL FUND FOR MEDICAL EDUCATION -HEAD- Sec. 151911. 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 directors, but in compliance with the constitution and bylaws of the corporation. -SOURCE- (Pub. L. 105-225, Aug. 12, 1998, 112 Stat. 1410.) -MISC1- HISTORICAL AND REVISION NOTES -------------------------------------------------------------------- Revised Source (U.S. Code) Source (Statutes at Large) Section -------------------------------------------------------------------- 151911 36:615. Aug. 28, 1954, ch. 1036, Sec. 15, 68 Stat. 895. -------------------------------------------------------------------- The word "satisfaction" is omitted as included in "discharge", and the word "obligations" is omitted as included in "liabilities". The words "outstanding" and "all Federal and State laws applicable thereto" are omitted as unnecessary. -End-

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