USC Chapter 203

in effect

36 U.S.C. § 20301 Organization

(a) Federal Charter.—American Academy of Arts and Letters (in this chapter, the “corporation”) is a federally chartered corporation. (b) Place of Incorporation.—The corporation is declared to be incorporated in the District of Columbia.

36 U.S.C. § 20302 Purpose

The purpose of the corporation is to further the interests of literature and the fine arts.

36 U.S.C. § 20303 Membership

The corporation may have not more than 50 regular members.

36 U.S.C. § 20304 Powers

The corporation may— (1) adopt bylaws and regulations; (2) fill vacancies; (3) provide for the election of foreign, domestic, or honorary associate members, and the division of those members into classes; (4) receive bequests and donations of property, hold the property in trust, and invest the property to carry out the purpose of the corporation; and (5) do any other act necessary or usual for such a corporation.

36 U.S.C. § 20305 Annual meeting

The corporation shall hold an annual meeting at a place in the United States as may be designated.

36 U.S.C. § 20306 Annual report

The corporation shall make an annual report to Congress, to be filed with the Librarian of Congress.

36 U.S.C. § 20307 Nonapplication of audit requirements

The audit requirements of section 10101 of this title do not apply to the corporation.