(1)The Secretary of the Air Force may, in accordance with the laws of the State of incorporation, establish a corporation (in this section referred to as the “corporation”) to support the athletic programs of the Academy. All stock of the corporation shall be owned by the United States and held in the name of and voted by the Secretary of the Air Force.
(2)The corporation shall operate exclusively for charitable, educational, and civic purposes to support the athletic programs of the Academy.
(b) Corporate Organization.— The corporation shall be organized and operated—
(1)as a nonprofit corporation under section 501(c)(3) of the Internal Revenue Code of 1986;
(2)in accordance with this section; and
(3)pursuant to the laws of the State of incorporation, its articles of incorporation, and its bylaws.
(c) Corporate Board of Directors.—
(1)The members of the board of directors of the corporation shall serve without compensation as members of the board, except for reasonable travel and other related expenses for attendance at meetings of the board.
(2)The Secretary of the Air Force may authorize military and civilian personnel of the Air Force under section
1033 of this title to serve, in their official capacities, as members of the board of directors of the corporation, but such personnel shall not hold more than one-third of the directorships.
(d) Transfers From Nonappropriated Fund Operation.— The Secretary of the Air Force may, subject to the acceptance of the corporation, transfer to the corporation all title to and ownership of the assets and liabilities of the Air Force nonappropriated fund instrumentality whose functions include providing support for the athletic programs of the Academy, including bank accounts and financial reserves in its accounts, equipment, supplies, and other personal property, but excluding any interest in real property.
(e) Acceptance of Gifts.— The Secretary of the Air Force may accept from the corporation funds, supplies, and services for the support of cadets and Academy personnel during their participation in Academy or corporate events related to the athletic programs of the Academy.
(f) Leases.— The Secretary of the Air Force may, in accordance with section
2667 of this title, lease real and personal property to the corporation for purposes related to the athletic programs of the Academy. Funds received from any such lease may be retained and spent by the Secretary to support athletic programs of the Academy.
(g) Cooperative Agreements.— The Secretary of the Air Force may enter into cooperative agreements (as described in section
6305 of title
31) with the corporation for purposes related to the athletic programs of the Academy.
Section 501(c)(3) of the Internal Revenue Code of 1986, referred to in subsec. (b)(1), is classified to section
501(c)(3) of Title
26, Internal Revenue Code.
The table below lists the classification updates, since Jan. 3, 2012, for this section. Updates to a broader range of sections may be found at the update page for containing chapter, title, etc.
The most recent Classification Table update that we have noticed was Tuesday, August 13, 2013
An empty table indicates that we see no relevant changes listed in the classification tables. If you suspect that our system may be missing something, please double-check with the Office of the Law Revision Counsel.