((a)) ** .—** Korean War Veterans Association, Incorporated (in this chapter, the “corporation”), a nonprofit organization that meets the requirements for a veterans service organization under section 501(c)(19) of the Internal Revenue Code of 1986 and that is organized under the laws of the State of New York, is a federally chartered corporation.

((b)) ** .—** If the corporation does not comply with the provisions of this chapter, the charter granted by subsection (a) shall expire.