Article IX - Dissolution

Written by Anthony Drago. Posted in Bylaws

In the event the Corporation shall be dissolved or liquidated, all assets that remain after paying or making provision for payment of all the known debts and liabilities of the Corporation may be distributed among organizations, selected by the Board, which are at the time exempt from Federal Income Tax as organizations described in Section 501(c)(3) or Section 501(c)(6) of the Code and which will continue to use such funds in accordance with Section 501(c)(3) or Section 501(c)(6) of the Code (or the corresponding sections of any future federal tax code), provided that each such organization must continue to qualify as an organization as described in Section 501(c)(3) or Section 501(c)(6) of the Code (or the corresponding sections of any future federal tax code). Any such assets not so disposed of shall be disposed of by a court of competent jurisdiction of the county in which the principal office of the Corporation is then located for such tax exempt purposes and as such court shall determine. In no event shall such remaining assets be distributed to any Director or officer of the Corporation, or inure to the benefit of any private individual.