Page:United States Statutes at Large Volume 112 Part 2.djvu/550

 112 STAT. 1434 PUBLIC LAW 105-225—AUG. 12, 1998 §154112. Annual report The corporation shall submit an annual report to the Secretary of the Navy on the activities of the corporation during the prior calendar year. The Secretary shall communicate to Congress any part of the report that the Secretary considers appropriate. §154113. Distribution of assets on dissolution or Hnal liquidation 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. CHAPTER 1543—NAVY CLUB OF THE UNITED STATES OF AMERICA Sec. 154301. Organization. 154302. Purposes. 154303. Powers. 154304. Annual report. §154301. Organization (a) FEDERAL CHARTER.— Navy Club of the United States of America (in this chapter, the "corporation") is a federally chartered corporation. (b) PERPETUAL EXISTENCE. —Except as otherwise provided, the corporation has perpetual existence. §154302. Purposes The purposes of the corporation are— (1) to encourage, promote, and maintain comradeship among individuals who are or have been in the active service of the United States Navy, the United States Marine Corps, or the United States Coast Guard; (2) to revere, honor, and perpetuate the memory of individuals described in paragraph (1) of this section who have departed this life; (3) to promote and encourage further public interest in the United States Navy, the United States Marine Corps, and the United States Coast Guard, and the history of those organizations; (4) to uphold the spirit and ideals of the United States Navy, the United States Marine Corps, and the United States Coast Guard; (5) to promote the ideals of American freedom and democracy and to fit its members for the duties of citizenship and to encourage them to serve as ably as citizens as they have served the Nation under arms; and (6) to maintain true allegiance to American institutions. §154303. Powers The corporation may— (1) adopt and amend bylaws; (2) adopt and alter a corporate seal; (3) appoint or elect officers and agents;

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