Agenda - 11-05-2003-9a - Laserfiche WebLink

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15 agency with an exempt purpose within the meaning of'section 501(c)(3) of the Internal Revenue Code (or a corresponding section of any future Federal tax code) which is also a purpose similar to that of the Corporation, or transfer and convey all remaining assets of the Corporation to Orange County, a body politic of the State of North Carolina, for exclusively public purposes. Any such assets not so disposed of shall be disposed of by the Court of Common Pleas (known in the State of North Cazolina as the Superior Court) of the county in which the principal office of the corporation is then located, exclusively for such purposes or to such organization or organizations, as said Court shall determine, which are organized and operated exclusively for such purposes. Section Seven. Pursuant to N.C.G.S. 55A-10-30, no amendment to any pazt of these Articles of Incorporation shall be effective unless and until such amendment is approved in writing by a majority of the then acting Board of County Commissioners for Orange County, North Carolina. In addition, amendment of provisions stated in these Articles of Incorporation reguding: (i) the management of the Corporation; (ii) the qualification of directors; (iii) merger; (iv) acquisition; (v) sale of assets; (vi) purchase of assets; and (vii) the distribution of assets upon dissolution shall require the unanimous vote of all directors in office at the time such amendment is undertaken. Section Eiaht, Provisions regazding the management of the Corporation, the qualification of directors, merger, acquisition, sale of assets, purchase of assets and the distribution of assets upon dissolution, as stated in By-laws adopted by the Corporation, may not conflict with provisions regarding the management of the Corporation and the qualification of directors and the distribution of assets upon dissolution as stated in these Articles of Incorporation.