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a~sets rer~aininci after n~yr^~nt of costs and exn~ne~es of
such a diasolution s~~all l~e distrirutect to t}~e ~t. Lucie
~couts, Inc., a non-~rofit corrorn~ion af T~oy Scoutg,
incor~oratec' uncter the law~ oF tr~? State of Flori~?a,
sl:ould such corroration, at tr.at tir:e, qualify ag tax
exemnt cc+r~oration un~lPr t~e an~roFriata provisl.ona o!
the I.a~:s of t~ze United States America (at the time
~ of adoption of this Article - Section 5~1 (c) (3)
of the Znternal Re~enue Code) : in the event tt,at t?^e
; St. Lucie Scouts, Inc. , c'c+es :~ot ao qualifv, t'~e assets
srall be diatributed tc the Gulf Stream Council of the
;
a
3 ~oy Scouts of 1V^.erice, n nonprofit corroration, s?~oulA
~
' this orqanization so c~ualify as tax exemFt. In thQ
~
~
~ event that trhe latter shQ~lc! not eo qualify, thp aesets
_ shall be distrit~uted to some other orqanization or orcTaniza-
tions so quali~iec! a?s ~ax exem~t, tre salections ot the~
X
~ orqanizetions to t~e !n t~~e a~solute diacretion of thF
t:~ajority of t`~P Directors oF t~la corporation~ shoald no
auch crc~ar.izntion be so desi~natec~ then the assets atiall
t;e df sLrit~utec~ to t~~± State ef Florida ar, ehould th~
~ ctate tR ur.aY~-le to adrriniater the asset~ rron~rlv, then
- the assets shall he ~?iatrit,utRd to the Fec~eral ~ovcrnrs~nt.
TFe orc~anization wrich shall receive t!~e aRSets shall use
" ther for the purposes set `Qrth in this chanter, or, if
- t~is hecomc?a or ia impossif~lr, usr t'~~m for qeneral yduca-
tior.al nurFosPg or other ruhlic pur~aRes enc' none o~ the
= asset~ shall r•e c?iatributec! to any me~bQr, offieer c+r
_ ~irectoz ~f thia corroration.
~'}:is cor~oration aha] 1 rR a~uthoriz~A to Axezcise
the pai.erg permittecl non-~rofit cornc~rations un~'er Clhepter
- 617 of thc Flarida ~tat~tea s~zovideP, l~c?we~*~r, that this
- cory~ot-atfon, fn exercistn~ any one or m~rP o! auch ~oti+r!rs
gt~all ~ia so in turth~ranc~ a~ t~e exQn:~t rurmse for whch
i t has ?=een orqanize~ as c'.e~cri~~±<' in ~ection 5~1 (c} (3)
- of the Internal Fevenu~ Code.
?+o p~+rt ~f tr e nE~t earninqe of this cotporation
;
-u ~~~i~ ~i82?
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