This bill revises the federal charter for the Foundation of the Federal Bar Association to shift authority from the charter to the bylaws.
Specifically, it makes the following changes:
removes the requirement for the foundation to be incorporated and domiciled in the District of Columbia;
requires the board of directors to decide, and specify in the bylaws, the location of the principal office;
specifies that the bylaws—not the charter—must provide for the terms of membership, the responsibilities of the board of directors, and the election of officers;
prohibits a director or officer, in his or her corporate capacity, from contributing to, supporting, or participating in political activities;
allows income and assets of the corporation to be used to reasonably compensate or reimburse expenses of an officer, director, or member; to award a grant to the Federal Bar Association chapter of an officer, director, or member; and to reasonably compensate employees;
expands a prohibition on loans for directors and officers to include members and employees; and
specifies that on dissolution or final liquidation, any remaining assets must be distributed as provided by the board of directors instead of deposited in the Treasury.
