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42 <br /> ARTICLE V <br /> DISTRIBUTION OF ASSETS UPON DISSOLUTION <br /> Any assets of the corporation shall, upon dissolution of the corporation, be distributed in <br /> accordance with the applicable provisions of the North Carolina Planned Community Act and/or the <br /> North Carolina Nonprofit Corporation Act,as applicable. <br /> ARTICLE VI <br /> PRINCIPAL OFFICE <br /> The initial street and mailing address of the principal office of the corporation is 504 <br /> Meadowlands Drive, Hillsborough, North Carolina 27278. The principal office may, however, be <br /> located at such other place(s) as may be designated from time to time by the corporation's Board of <br /> Directors. <br /> ARTICLE VII <br /> PURPOSES <br /> The corporation does not contemplate pecuniary gain or profit to its Members and is <br /> formed solely for the purposes for which a nonprofit corporation may be formed and operated <br /> pursuant to the North Carolina Planned Community Act and the North Carolina Nonprofit <br /> Corporation Act. The specific purposes for which the corporation is formed are as follows: <br /> (a) to have and exercise any and all powers, rights and privileges granted to <br /> the corporation by the Declaration, to perform the functions and duties set forth in the Declaration <br /> and to enforce any valid restriction, condition and covenant set forth in the Declaration, all to the <br /> full extent not inconsistent with the North Carolina Planned Community Act and/or the North <br /> Carolina Nonprofit Corporation Act,as applicable; <br /> (b) to receive, acquire, hold, retain, encumber, sell, transfer and/or convey <br /> legal or beneficial title to the Common Elements,or any part thereof, and any tangible or intangible <br /> personal property,as provided in the Declaration; <br /> (c) to exercise all powers deemed by the Board of Directors of the corporation <br /> to be necessary to the corporation's objectives and purposes or which reasonably may be implied <br /> therefrom, including, but not limited to, the power to solicit, collect, receive, administer and <br /> disburse funds and file liens in such manner as, in the sole discretion of the Board of Directors of <br /> the corporation, will operate most effectively to further the mutual benefit of the members of the <br /> corporation consistent with the applicable provisions of the Declaration,the North Carolina Planned <br /> Community Act and the North Carolina Nonprofit Corporation Act;and <br /> (a) to have and exercise any and all other powers, rights and privileges which <br /> a corporation organized pursuant to the North Carolina Planned Community Act and the North <br /> Carolina Nonprofit Corporation Act may by law now or hereafter have or exercise. <br /> ARTICLE VIII <br /> INITIAL DIRECTORS <br /> The corporation's initial Board of Directors shall consist of three(3)directors. The names <br /> and addresses of the corporation's initial directors are as follows: <br /> 32 <br />