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Collection: Original Records > Articles of Incorporation
Kingsbury Greens Assoc (AI-K037)(1979) (11 pages)

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Page: of 11

ARTICLE VII
LIMITATION ON CORPORATE ACTIVITIES
No substantial part of the activities of the Association
shall consist of the carrying on of propaganda, or otherwise
attempting to influence legislation, nor shall the Association
participate in, or intervene in (including the publishing
or distributing of statements), any political campaign on
behalf of any candidate for public office.
ARTICLE IX
GAINS, PROFITS, DISTRIBUTIONS
The Association is organized solely for nonprofit
purposes and no part of its net income or assets shall ever
inure to the benefit of any director, officer, or member
thereof or to the benefit of any private persons, other
than by way of payment of salary or other compensation for
services rendered to the Association and for its benefit in
furtherance of its purposes. Upon the dissolution or winding
up of the corporation, its assets, remaining after payment
or provision for payment of all its debts and liabilities,
shall be distributed to a nonprofit association, foundation,
or corporation which is organized and operated exclusively
for charitable purposes and which has established its tax
exempt status under Section 501l(c) (3) of the Internal
Revenue Code.