Orange County NC Website
3 <br /> corresponding provision of any future United States internal revenue law. The corporation shall <br /> not carry on any activities not permitted to be carried on (1) by an organization exempt from <br /> federal income tax under such Section 501(c)(3) or future corresponding provision of law, or (2) <br /> by an organization contributions to which are deductible under Section 170(c)(2) of the Internal <br /> Revenue Code or 1986, as amended, or the corresponding provision of any future United States <br /> internal revenue law. <br /> The corporation shall have all corporate power and authority necessary and convenient to <br /> carry on any lawful activity calculated, directly or indirectly, to promote the corporation's <br /> interests and purposes. <br /> No substantial part of the corporation's activities shall be the carrying on of propaganda, <br /> or otherwise attempting to influence legislation, and the corporation shall not participate in or <br /> intervene in (including the publishing and distributions of statements) any political campaign on <br /> behalf of or in opposition to any candidate for public office. <br /> No part of the corporation's net earnings shall inure to the benefit of, or be distributable <br /> to, its members, directors, officers, or other private persons, except that the corporation shall be <br /> authorized and empowered to pay reasonable compensation for services rendered and to make <br /> payments and distributions in furtherance of purposes set forth in these Articles. <br /> ARTICLE IV <br /> The period of duration of the corporation is perpetual. <br /> ARTICLE V <br /> In the event of the corporation's dissolution, after all the corporation's liabilities and <br /> obligations have been paid or adequately provided for, the corporation's residual assets shall be <br /> distributed to the County, or, subject to the County's approval, (a) to one or more other <br /> organizations which themselves are exempt as organizations described in Sections 501(c)(3) and <br /> 170(c)(2) of the Internal Revenue Code of 1986, as amended, or the corresponding provisions of <br /> any future United States internal revenue law, or(b) to federal, state or local government entities <br /> to be used exclusively for public purposes. <br /> ARTICLE VI <br /> The corporation shall have no members. <br />