HomeMy WebLinkAbout2258forrr in th~~ i~claration of Condominium.
3. There shall be no aTacn~r,.er.t to these Arti~les of
Inc_or~oration :•:tiich shall, in ~}~c jud~,ment ~: Develooer, be
dLtriTental tc t~:e sales o£ Con~~~r,:iniu:~ L'nits h~: t~-:~ De~-elc~ ~r
w: ~7cut ~he ~:-i~r ~--ritten cansc•nt cf Uc~~elo~-•er ~
XII
DI5SOLl.TiO?~ CF Cv4^OR`.i IC;:
i!^e assets and income ot this nonprofit corporation shail _
~e utilized to promote its purpo:.es. t2o salaries or ~~es sha:i
!~e paid to the Directors or officers of this corporation for
:heir capacity as Director or officer~ bUt nothing contained
herein shall prevent the hiring of employees or enRaging of
others including a Director or an officer to perform services for
the corpo~ation or to prevent the reimbursernent of any person
w!;o c*iakes outl~ys for the reasonable expenses of the ~orporaton.
I~ the event of dissolution. the residual assets of the orRaniza-
tion will be turned over to one or more organizations which
themselves are exempt as organizations des~cribed in Section SO1
(c)(3) a:~d 170 (c)(2) of thz Internal Revenue Code of 1954
or cor~esponding sections of any prior or future la-a~ or to the
Federal ~ State or local ~overnment for exclusive public
~~~: z~ose. ~~otwithstanding any other provision of t::ese Articles ,
this corporation will not carry on any other activities not
per:~itted to be carried on by (a) a cor oration exempt fro.~
Federal Income Tax under Section SOi (c~(3) of the Internal ~evenue
Code of I954 or the correspvndinp provision of any future L'nited
States Internal Revenue Law or (b) a corporation,contribur~cn:,
t~ k~~ich are deductible under Secti~~n 170(c) (2) of the Intc~rna:
i'c~•,~ncue Code of 19~4 or anf other correspondin~* provision of any
futsre l?nited States~ Internal Revenue law.
XIII
I":ITIAL REGISTEP.~'D OFFICE AP1D AGENT
The address of tr.e initial re~istered office of this
Corpor.~tion is 203 South Indian River Drive, Fort Pierce, Florida,
33450 and the na:r.e of the initial reRistered agent of this
Corporation at that address is John Edgar Sherrard.
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EXHIBIT B Page 8 of 10 pages
BOtDK~~ P~r~'f~~G~JV