Agenda - 12-16-1997 - 9f - Laserfiche WebLink

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6 BYLAWS OF ORANGE COUNTY SMALL BUSINESS LOAN PROGRAM COMPANY ARTICLE I PURPOSE Orange County Small Business Loan Program Company is organized for the following purposes: (a) To assist Orange County, North Carolina (the "County"), in carrying out the County's governmental functions through serving as a conduit entity to make and facilitate loans to small businesses in the County, as part of a small business loan program approved and initiated by the County, all in order to promote the economic development and general welfare of the County and its citizens; (b) To enter into agreements with the County, financial institutions and other relevant parties,to fulfill its intended functions in the small business loan program; (c) To lessen the burdens of government, and provide aid and assistance to the County in carrying out its essential governmental functions; and (d) To carry out such related functions as may be necessary or convenient to serving the primary purposes described above. Notwithstanding any other provision of the Articles or these Bylaws, the purposes for which the Company is organized are exclusively charitable, scientific, literary, and educational within the meaning of Section 501(c)(3) of the Internal Revenue Code or 1986, as amended, or the corresponding provision of any future United States internal revenue law. The Company shall not carry on any activities not permitted to be carried on (1) by an organization exempt from federal income tax under such Section 501(c)(3) or future corresponding provision of law, or (2) by an organization contributions to which are deductible under Section 170(c)(2) of the Internal Revenue Code or 1986,as amended, or the corresponding provision of any future United States internal revenue law. The.Company shall have all corporate power and authority necessary and convenient to carry on any lawful activity calculated, directly or indirectly, to promote the Company's interests and purposes.