Agenda - 06-03-2003 - 8c - Laserfiche WebLink

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