1. Grant of Federal charter to the National Academy of Inventors (a) Grant of charter Part B of subtitle II of title 36, United States Code, is amended by inserting after chapter 1503 the following new chapter: 1504 National Academy of Inventors 150401. Findings Congress finds the following: (1) The majority of our Nation’s basic research is done at our colleges and universities. (2) The National Academy of Inventors recognizes and encourages inventors who have a patent issued from the United States Patent and Trademark Office. (3) The National Academy of Inventors enhances the visibility of university and nonprofit research institute technology and academic innovation. (4) The National Academy of Inventors encourages the disclosure of intellectual property. (5) The National Academy of Inventors educates and mentors innovative students. (6) The systematic application of organized knowledge and information can generate technology and produce creative solutions to existing problems. (7) Innovation, based on new inventions and technologies, has proven to be a key factor in the industrial and economic development of the world. (8) The National Academy of Inventors serves a valuable role in the translation of science and technology within the university and nonprofit research institute community, and for the benefit of society. (9) Congress supports the mission of the National Academy of Inventors to encourage the translation of the inventions of its members to benefit society. 150402. Organization (a) Federal charter The National Academy of Inventors, a not for profit organization that meets the requirements under section 501(c)(3) of the Internal Revenue Code, and is organized under the laws of the State of Florida, is a federally chartered organization. (b) Expiration of Charter If the organization does not comply with the provisions of this chapter, the charter granted shall expire. 150403. Purposes The purposes of the organization are as provided in its bylaws and articles of incorporation. 150404. Governing