This bill — the Foundation of the Federal Bar Association Charter Amendments Act of 2019 — would revise the federal charter for the Foundation of the Federal Bar Association to give it greater flexibility in its operations. A breakdown of its provisions can be found below.
Specifically, it would:
- Eliminate the provision that requires the foundation to be incorporated and domiciled in the District of Columbia;
- Require the board of directors to decide, and specify in the bylaws, the location of the principal office;
- Specify 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;
- Prohibit a director or officer from contributing to, supporting, or participating in political activities in their corporate capacity;
- Allow the corporation’s income and assets to be used to reasonably compensate or reimburse officers’, directors’, or members’ expenses; to award a grant to the Federal Bar Association chapter of an officer, director, or member; and to reasonably compensate employees;
- Expand a prohibition on loans for directors and officers to include members and employees; and
- Specify 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.