book of records - Kansas State University

Book of Records 6.05
8th.
9th.
10th.
11th.
LIMITATIONS. This Corporation shall never have any capital stock. No part of its earnings shall ever
inure to the benefit of any private individual. This Corporation shall not carry on propaganda or otherwise
attempt to influence legislation; and no part of its funds or property shall ever be used for any such
purpose. This Corporation=s earnings and property shall be, and are hereby, dedicated to, and shall be
used exclusively for the purposes for which this Corporation is created; but no one dealing with this
Corporation shall ever be under any duty to see that any of its funds or property are so used, or shall ever
be or become in anyways liable for this Corporation=s failure so to use its funds or property.
DISSOLUTION. Whenever the Board of Directors of this Corporation, by a vote of not less than threefourths
(3/4) of those voting members of the Board of Directors present at any regular meeting provided
for in the By-Laws or any special meeting called for that purpose, shall determine that it is no longer
feasible to accomplish or carry on the specific purpose for which this Corporation was formed, its affairs
shall be wound up and its debts paid. Upon the dissolution of this Corporation, the assets shall be
distributed to the Kansas State University Foundation for one or more exempt purposes within the meaning
of Section 501(c)(3) of the Internal Revenue Code, or corresponding section of any future federal tax code.
Any assets not disposed of shall be disposed of by the District Court of the county in which the principal
office of this 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.
AMENDMENT OF ARTICLES. These Articles of Incorporation may be amended, altered or repealed
by an affirmative vote of not less than three-fourths (3/4) of those voting members of the Board of
Directors present at any regular meeting provided for in the By-Laws or any special meeting called for that
purpose.
INTERNAL REVENUE CODE LIMITATIONS. In accordance with Section 508(e) of the Internal
Revenue Code of 1954, this Corporation is required, for each taxable year, to distribute its income at such
a time, and in such a manner as not to subject the Corporation to tax under Section 4942 of the Internal
Revenue Code of 1954. The Corporation is prohibited from engaging in any act of self-dealing (as defined
in Section 4941(d) of the Internal Revenue Code of 1954), from retaining any excess business holdings (as
defined in Section 4943(c) of the Internal Revenue Code of 1954), from making any investments in such a
manner as to subject the Corporation to tax under Section 4944 of the Internal Revenue Code of 1954, and
from making any taxable expenditures (as defined in Section 4945(d) of the Internal Revenue Code).