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ARTICLE V <br /> DISTRIBUTION OF ASSETS ON DISSOLUTION <br /> Any assets of the corporation shall, upon dissolution of the corporation, be distributed in accordance <br /> with the Applicable provisions of N.C.G. S . Section 47C-2418 and the North Carolina Nonprofit Corporation <br /> Act. <br /> ARTICLE VI <br /> PRINCIPAL OFFICE <br /> Thd street (and mailing) address of the principal office of the corporation is 1000 Corporate Drive, <br /> Suite 109, Hillsborough, North Carolina 27278 . The principal office may, however, be located at such other <br /> places as may be designated from time to time by the corporation's Board of Directors . <br /> ARTICLE VH <br /> PURPOSES <br /> The corporation does not contemplate pecuniary gain or profit to its members and is formed solely <br /> for the purposes for which a nonprofit corporation may be formed pursuant to the North Carolina Nonprofit <br /> Corporation Act The specific purposes for which the corporation- is formed areas follows : <br /> (a). to have all of the powers granted to the corporation by the North Carolina <br /> Condominium Act and the Declaration not inconsistent therewith; <br /> (b) to enforce any valid restriction, condition or covenant set forth in the Declaration <br /> and to perform the functions and duties and exercise the powers set forth in the North Carolina Condominium <br /> •Act and the Declaration not inconsistent therewith; <br /> (c) . to receive, acquire, hold, retain, encumber, sell, transfer and/or convey legal • or <br /> beneficial title to the Common Elements (as defined in the Declaration), or any part thereof, and any tangible <br /> or intangible personal property, a& provided in the Declaration; <br /> (d) to exercise all 'powers deemed by the Board of Directors of the corporation to. be <br /> necessary to the corporation's objectives and purposes . or which reasonably may be implied therefrom, <br /> including, but not limited to, the power to solicit, collect, receive, administer and disburse fiords and file liens <br /> in such manner as, in the sole discretion of the Board of Directors of the corporation, will operate most <br /> effectively to further the mutual benefit of the Members of the corporation consistent with the provisions of <br /> the North Carolina Condominium Act and the Declaration; and <br /> (e) ' to have and exercise any and all other powers, rights and privilege's which a <br /> corporation organized pursuant to the North Carolina Nonprofit Corporation Act may by law now or . <br /> hereafter have or exercise. <br /> ARTICLE VIH <br /> INMAL DIRECTOR <br /> The corporation's initial Board of Directors shall consistoof one ( 1) director. The name and address <br /> of the corporation's initial director are as follows. <br /> George A. Horton, III <br /> 1000 Corporate Drive, Suite 109 <br /> Hillsborough, North Carolina 27278 <br /> -59- <br />