Page:United States Statutes at Large Volume 94 Part 2.djvu/1319

 PUBLIC LAW 96-497—DEC. 4, 1980

94 STAT. 2597

ANNUAL REPORT

SEC. 12. The corporation shall report annually to the Congress 36 USC I6ii. concerning the activities of the corporation during the preceding calendar year. The report shall not be printed as a public document. RESERVATION OF RIGHT TO AMEND OR REPEAL CHARTER

SEC. 13. The right to alter, amend, or repeal this Act is expressly 36 USC 1612. reserved to the Congress. DEFINITION OF " S T A T E "

SEC. 14. For purposes of this Act, the term "State" means the 36 USC 1613. several States, the District of Columbia, the Commonwealth of Puerto Rico and the territories and possessions of the United States. TAX E X E M P T STATUS—EXPIRATION OF CHARTER

SEC. 15. The corporation shall retain its status as an organization 36 USC 1614. exempt from taxation as provided in the Internal Revenue Code. If the corporation fails to retain such status, or if it fails to comply with the provisions of this Act, the charter granted hereby shall expire. Approved December 4, 1980.

LEGISLATIVE HISTORY: HOUSE REPORT No. 96-1397 accompanying H.R. 154 (Comm. on the Judiciary). SENATE REPORT No. 96-479 (Comm. on the Judiciary). CONGRESSIONAL RECORD: Vol. 125 (1979): Dec. 20, considered and passed Senate. Vol. 126 (1980): Nov. 17, considered and passed House, amended, in lieu of H.R. 154. Nov. 21, Senate concurred in House amendment.

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