Foundation of the Federal Bar Association Charter Amendments Act of 2021
This bill revises the federal charter for the Foundation of the Federal Bar Association.
Specifically, the bill (1) eliminates the provision that requires the foundation to be incorporated and domiciled in the District of Columbia; and (2) requires the board of directors to decide, and specify in the bylaws, the location of the principal office.
Additionally, the bylaws—not the charter—must provide for the terms of membership, the responsibilities of the board of directors, and the election of officers. A director or officer, in his or her corporate capacity, is prohibited from contributing to, supporting, or participating in political activities.
The bill 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.
Furthermore, the bill expands a prohibition on loans for directors and officers to include members and employees.
Finally, the bill 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.