CHAPTER 701 —FLEET RESERVE ASSOCIATION
§70101. Definition
For purposes of this chapter, "State" includes the District of Columbia and the territories and possessions of the United States.
(
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 70101 | 36:5615. | Sept. 23, 1996, |
The words "the Commonwealth of Puerto Rico, the Commonwealth of the Northern Mariana Islands" are omitted as included in "the territories and possessions of the United States".
§70102. Organization
(a)
(b)
(
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 70102(a) | 36:5601. | Sept. 23, 1996, |
| 70102(b) | 36:5613 (related to termination of charter). 36:5614. |
This section is substituted for the source provisions for consistency in the revised title and to eliminate unnecessary words.
Editorial Notes
Amendments
2000—Subsec. (a).
§70103. Purposes
(a)
(1) upholding and defending the Constitution of the United States;
(2) aiding and maintaining an adequate naval defense for the United States;
(3) assisting the recruitment of the best personnel available for the United States Navy, United States Marine Corps, and United States Coast Guard;
(4) providing for the welfare of the personnel who serve in the United States Navy, United States Marine Corps, and United States Coast Guard;
(5) continuing to loyally serve the United States Navy, United States Marine Corps, and United States Coast Guard;
(6) preserving the spirit of shipmanship by providing assistance to shipmates and their families; and
(7) instilling love of the United States and its flag, and promoting soundness of mind and body, in the youth of the United States.
(b)
(
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 70103(a) | 36:5603. | Sept. 23, 1996, |
| 70103(b) | 36:5608(f). |
Pub. L. 105–354
This amends
Editorial Notes
Amendments
1998—Subsec. (b).
Statutory Notes and Related Subsidiaries
Transfer of Functions
For transfer of authorities, functions, personnel, and assets of the Coast Guard, including the authorities and functions of the Secretary of Transportation relating thereto, to the Department of Homeland Security, and for treatment of related references, see
§70104. Membership
(a)
(b)
(
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 70104(a) | 36:5605. | Sept. 23, 1996, |
| 70104(b) | 36:5608(g) (related to membership). |
In subsection (a), the words "Except as provided in this chapter" are substituted for "Except as provided in
In subsection (b), the words "The terms of membership" are substituted for "In establishing the conditions of membership in the association" for consistency in the revised title and to eliminate unnecessary words.
§70105. Governing body
(a)
(b)
(c)
(
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 70105(a) | 36:5606. | Sept. 23, 1996, |
| 70105(b) | 36:5607. | |
| 70105(c) | 36:5608(g) (related to directors and officers). |
In subsections (a) and (b), the words "and in conformity with the laws of the State of Delaware" are omitted as unnecessary.
In subsection (c), the words "The requirements for serving as a director or officer" are substituted for "in determining the requirements for serving on the board of directors or as an officer of the association" for consistency in the revised title and to eliminate unnecessary words.
§70106. Powers
The corporation has only the powers provided in its bylaws and articles of incorporation filed in each State in which it is incorporated.
(
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 70106 | 36:5602. | Sept. 23, 1996, |
The words "each State in which it is incorporated" are substituted for "the State of Delaware" for consistency in the revised title. The words "and subject to the laws of such State" are omitted as unnecessary.
§70107. Restrictions
(a)
(b)
(c)
(d)
(
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 70107(a) | 36:5608(c). | Sept. 23, 1996, |
| 70107(b) | 36:5608(a). | |
| 70107(c) | 36:5608(b). | |
| 70107(d) | 36:5608(d). |
In subsection (a), the words "any shares of" are omitted as unnecessary.
In subsection (b), the words "This subsection does not" are substituted for "Nothing in this subsection may be construed to" for consistency in the revised title.
In subsection (d), the words "by virtue of this chapter" are omitted as unnecessary.
§70108. Duty to maintain corporate and tax-exempt status
(a)
(b)
(
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 70108(a) | 36:5608(e). | Sept. 23, 1996, |
| 70108(b) | 36:5613 (related to duty to maintain status). |
In subsection (a), the words "organized and" and "the State of" are omitted as unnecessary.
Editorial Notes
Amendments
2000—Subsec. (a).
§70109. Records and inspection
(a)
(1) correct and complete records of account;
(2) minutes of the proceedings of its members, board of directors, and committees having any of the authority of its board of directors; and
(3) at its principal office, a record of the names and addresses of its members entitled to vote.
(b)
(
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 70109 | 36:5610. | Sept. 23, 1996, |
The word "records" is substituted for "books and records" for consistency in the revised title and with other titles of the United States Code. The words "This section may not be construed to contravene any applicable State law" are omitted as unnecessary.
§70110. Service of process
The corporation shall comply with the law on service of process of each State in which it is incorporated and each State in which it carries on activities.
(
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 70110 | 36:5604. | Sept. 23, 1996, |
The words "each State in which it is incorporated" are substituted for "the State of Delaware" for consistency in the revised title.
§70111. Liability for acts of officers and agents
The corporation is liable for the acts of its officers and agents acting within the scope of their authority.
(
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 70111 | 36:5609. | Sept. 23, 1996, |
The words "officers and agents" are substituted for "officers, directors, employees, and agents" for consistency in the revised title and to eliminate unnecessary words.
§70112. Annual report
The corporation shall submit an annual report to Congress on the activities of the corporation during the prior fiscal year. The report shall be submitted at the same time as the report of the audit required by
(
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 70112 | 36:5611. | Sept. 23, 1996, |