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Article 9: Finances. The Treasurer, under the supervision of the Board, <br /> will handle routine financial matters of the Association,routine receiving and <br /> - -feguarding any money of the organization, paying <br /> •luding appropriate taxes, and accounting for all income, assets, and <br /> e,weenditures. The Association may receive gifts and contributions, and may <br /> raise and use funds in any manner compatible with status as tax exempt and as <br /> a donee for tax deductible gifts. Gifts may not be accepted if conditioned <br /> upon any action which would prejudice such status. <br /> Article 10: Fiscal Year. <br /> Unless otherwise ordered by the Board of <br /> Directors, the fiscal year of the Association shall be from June 1 through <br /> May 31 of each and every calendar year. <br /> Article 11: Amendments. Except as otherwise provided herein, these Bylaws <br /> may be amended or repealed and new Bylaws may be adopted by the affirmative <br /> vote of two-thirds majority of the Directors then holding office, at any <br /> regular or special meeting of the Board of Directors. <br /> Article 12: Limitations. No earnings or property of the corporation shall <br /> benefit, or be distributed to its Directors, officers, or other private <br /> persons, except that the corporation shall be authorized and empowered to pay <br /> reasonable compensation for services rendered and to make payments and <br /> distributions in furtherance of the purposes set forth in Article 2. No <br /> substantial part of the activities of the corporation shall be the carrying <br /> on of propaganda, or otherwise attempting to influence legislation, and the <br /> corporation shall not participate in, or intervene in ( including the <br /> publishing or distribution of statements) any political campaignoonsbehalf <br /> f <br /> .-s any candidate for public office. Not withstanding any oter <br /> 3se articles, the corporation shall not carry on any other activities not <br /> p )►fitted to be carried on (a) by a corporation exempt from Federal Income <br /> t15 under Section 501 (c) (3) of the Internal Revenue Code of 1954 (or the <br /> corresponding provision of any future United States Internal Revenue Law) , or <br /> (b) by a corporation, contributions to which are deductible under Section <br /> 170(c ) (2) of the Internal Revenue <br /> Internal (or corresponding <br /> provision of any future e <br /> Article 13: Dissolution. Upon the dissolution of the corporation, the Board <br /> of Directors shall , after paying or making provision for the payment of all <br /> of the liabilities of the corporation, dispose of all of the assets of the <br /> corporation exclusively for the purpose of the corporation in such manner, or <br /> to such organization or organizations organized and operated exclusively for <br /> charitable, educational , religious, or scientific purposes as shall at the <br /> time qualify as an exempt organization or organizations under Section <br /> 501 (c) (3) of the Internal Revenue Code of 1954 (or the corresponding <br /> provision of any future United States Internal Revenue Law) , as the Board of <br /> Directors shall determine. Any such assets not so disposed of shall be <br /> disposed by the Superior Court, Orange County, North Carolina, exclusively <br /> for such purposes or to such organization or organizations said Court shall <br /> determine, which are organized and operated exclusively for such purposes. <br /> This is to certify that the foregoing Bylaws replace the TYHA Bylaws of 1990, <br /> as amended, by approval of the Board of Directors of the TYHA Association <br /> Inc. at its meeting June 20, 1991. <br /> Daniel G. Kidd, President <br /> ... Page 6 <br /> TYHA Bylaws <br />