Resolution 1656 - Laserfiche WebLink

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� . � � ARTICLE II � ' Pecuniary Gain Prohibition . The corporation does not and will not afford pecuniary gain, incidentally or otherwise, to its members. No par.t of the property . or the income of the corporation or any other pecuniary gain or � • profit shall inure to any member of the corporation except that reasonable compensation may be paid for . services rendered to or for the corporation. �In the event of dissolution of the corpora- � � , tion all of its then assets shall be distributed as follows: (a) The dissolution shall be conducted under Court super- vision if required under the Statutes of the State of � Minnesota or deemed desirable �by the corporation in such . manner as . in the judgment of the Court will accomplish the general purposes for which the dissolved corpora- . tion was organized. . �� (b) If a dissolution under Court supervision is not so re- quired or deemed desirable, the assets of the corporation shall be distributed to or for the benefit of Qrganiza- tions, •causes or projects, for and to which gifts are de.ductible from income of a donor under the Internal � � Revenue Code and under the Statutes of the State of � Minnesota, to the extent then possible. If the Internal . �Revenue Code, as hereafter amended, does not provide � . for such a deduction, then the distribution shall be made to one or more state or local governments , for a � . public purpose. . In. the. e.vent of dissolution, none of the assets shall be transferred to or in �any respect whatsoever inure to or for the benefit of any member of the corporation. � The corporation shall not lend any of its assets to an officer , . � director or member of the corporation nor guarantee to any other . . � person the payment of �a loan by an �officer , director or member of the corporation. � � � . -.3- '