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BYLAWS <br />OF <br />Orange Community Housing Corporation <br />ARTICLE 1: NAME <br />The name of this corporation shall be the Orange Community Housing Corporation. <br />ARTICLE 2: OFFICES <br />Section 2.01. Principal Executive Office. The principal executive office of the corporation shall be <br />located in Can'boro, North Carolina. The Board of Directors may change the location of its office. Any <br />such change shall be noted on these Bylaws by the Secretary, opposite this section, or this section may <br />be amended to state the new location. <br />Section 2.02. Other Office. Other offices may at any time be established at any place or places <br />specified by the Board of Directors. ' <br />ARTICLE 3: PURPOSE <br />The purpose of the corporation is to support and initiate construction, conversion, or <br />rehabilitation of both rental and owner-occupied housing focusing on families and individuals with income <br />levels at or below the median income for our community. <br />This corporation has been formed under the General Nonprofit Corporation Law of the State of <br />North Carolina for the charitable and educational purposes described above, and it shall be nonprofit and <br />nonpartisan. No substantial part of the activities of the corporation shall consist of the publication or <br />dissemination of legislation, and the corporation shall not participate or intervene in any political <br />campaign on behalf of or in opposition to any candidate for public office. <br />The corporation shall not, except to any insubstantial degree, engage in any activities or exercise <br />any powers that are not in furtherance of the charitable and educational purposes described in the <br />artiGes of incorporation. <br />ARTICLE 4: DEDICATION OF ASSETS <br />The properties and assets of this nonprofit corporation are irrevocably dedicated to charitable <br />and educational purposes. No part of the net earnings, properties, or assets of this corporation, on <br />dissolution or otherwise, shall inure to the director or officer of this corporation. On liquidation or <br />dissolution, all properties and assets and obligations shall be distributed and paid over to an organization <br />dedicated to charitable and educational purposes which has established its tax-exempt status under <br />Internal Revenue Code Section 501(c)(3). <br />ARTICLE 5: MEMBERSHIP <br />The corporation shall not have any members. <br />ARTICLE 6: BOARD OF DIRECTORS <br />Section 6.01. Powers. Subject to the provisions of the General Nonprofit Corporation Law of the State <br />of North Carolina, the activities and affairs of the corporation shall be managed and all corporate powers <br />shall be exercised by or under the direction of the Board of Directors. The Board of Directors may <br />delegate the management of the day-today operation of the business of the corporation to a <br />management company, committee (however composed), or other person, provided that the activities and <br />