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Code · BILL · 113th Congress · H.R. 737 (Introduced in House) — To establish a national catastrophic risk consortium to ensure the availability and affordability of homeowners’ insu... · Sec. 6

Sec. 6. Nonprofit entity; conflicts of interest; audits

343 words·~2 min read·/bill/113/hr/737/ih/section-6

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

The Consortium shall be a nonprofit entity and no part of the net earnings of the Consortium shall inure to the benefit of any member, founder, contributor, or individual. No director, officer, or employee of the Consortium shall in any manner, directly or indirectly, participate in the deliberation upon or the determination of any question affecting his or her personal interests or the interests of any Consortium, partnership, or organization in which he or she is directly or indirectly interested.
The financial statements of the Consortium shall be audited annually in accordance with generally accepted auditing standards by independent certified public accountants. The report of each annual audit pursuant to paragraph
(1)shall be included in the annual report submitted in accordance with section 4(7). The Consortium may not— make any contribution to a candidate for election for Federal office or to a political committee; employ or retain— a registered lobbyist under the Lobbying Disclosure Act of 1995 (2 U.S.C. 1601 et seq.); or an organization that employs one or more lobbyists and is registered under section 4(a)(2) of such Act (2 U.S.C. 1603(a)(2)); or provide any thing of value, other than educational materials or information, to any elected official of the Federal Government. For purposes of this paragraph, the terms contribution , candidate , Federal office , and political committee have the meanings given such terms in section 301 of the Federal Election Campaign Act of 1971 ( 2 U.S.C. 431 ). The Consortium may not— make any contribution to a candidate for election for any State or local office or to any committee, club, association, or other group that receives contributions or makes expenditures for the purpose of influencing any such election; employ or retain any person who engages in influencing legislating (as such term is defined in section 4911(d) of the Internal Revenue Code of 1986 ( 26 U.S.C. 4911(d) )) of any State or local legislative body; or provide any thing of value, other than educational materials or information, to any elected official of any State or local government.
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Sec. 6
Nonprofit entity; conflicts of interest; audits
U.S.C.§ 1601
U.S.C.§ 1603
U.S.C.§ 431
U.S.C.§ 4911
Cites 4Cited by 0 across 0 sources
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