Foundation of the Federal Bar Association Charter Amendments Act of 2017

Foundation of the Federal Bar Association Charter Amendments Act of 2017

(Sec. 2) This bill revises the federal charter for the Foundation of the Federal Bar Association:

• to eliminate the provision that requires the foundation to be incorporated and domiciled in the District of Columbia;
• to require the board of directors to decide, and specify in the bylaws, the location of the principal office;
• to 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;
• to prohibit a director or officer, in his or her corporate capacity, from contributing to, supporting, or participating in political activities;
• to allow 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;
• to expand a prohibition on loans for directors and officers to include members and employees; and
• to 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.