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Agenda - 06-03-2003 - 8c
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Agenda - 06-03-2003 - 8c
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7/14/2011 11:29:47 AM
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BOCC
Date
6/3/2003
Meeting Type
Regular Meeting
Document Type
Agenda
Agenda Item
8c
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12' . <br />these Bylaws, the Corporation shall not carry on any other activities <br />not permitted to be carried on (a) by an organization exempt from <br />Federal income tax under section. 501(c)(3) of the Internal Revenue <br />Code or a corresponding provision of any future Federal tax code, or <br />(b) by an organization, contributions to which are deductible under <br />section 170(c)(2) of the Internal Revenue Code, or the corresponding <br />provision of any future Federal tax code. <br />Section 7. Non Profit Corporation. No part of the net earnings <br />shall inure to the benefit of or be distributable to its officers, <br />directors or other persons in similar positions except that the <br />Corporation shall be authorized and empowered to pay reasonable <br />compensation for services rendered and to make payments and <br />distributions in furtherance of the purposes set forth herein. <br />Section 8. Liquidation of Assets. In the event of dissolution <br />of the Corporation, the Board of Directors for said purpose shall, <br />after paying or making provision for the payment of all the <br />liabilities and obligations of the Corporation, transfer and convey <br />all remaining assets of the Corporation to a governmental agency with <br />an exempt purpose within the meaning of section 501(c)(3) of the <br />Internal Revenue Code (or a corresponding section of any future <br />Federal tax code) which is also a purpose similar to that of the <br />Corporation, or transfer and convey all remaining assets of the <br />Corporation to Orange County, a body politic of the State of North <br />Carolina, for exclusively public purposes. Any such assets not so <br />disposed of shall be disposed of by the Court of Common Pleas (known <br />in the State of North Carolina as the Superior Court) of the county in <br />which the principal office of the corporation is then located, <br />exclusively for such purposes or to such organization or <br />organizations, as said Court shall determine, which are organized and <br />operated exclusively for such purposes. <br />FN:senior care bylaws-revisedDec2002 <br />
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