Laserfiche WebLink
Page 2 of 4 <br />which case the written action must be signed by all members of the Board of Directors then in <br />office. All Directors shall be notified of the text of the written action prior to signing by any of <br />the Directors and shall be notified immediately of the effective date of any such written action <br />that is duly taken. <br />5.04 Liability of Directors. The Directors of the Corporation shall not be personally liable for the <br />debts or obligations of the Corporation of any nature whatsoever, nor shall any of the property of <br />the Directors or Officers of the Corporation be subject to the payment of the debts or obligations <br />of the Corporation to any extent whatsoever. <br />ARTICLE VI <br />PURPOSE AND POWERS OF CORPORATION <br />6.01 Purpose. This Corporation is organized and shall be operated exclusively for charitable, <br />religious, scientific, and educational purposes within the meaning of Section 501(c)(3) of the <br />Internal Revenue Code of 1986 (or the corresponding provision of any future United States <br />Internal Revenue Laws). Within the framework and limitations of the foregoing, this Corporation <br />is organized and shall be exclusively operated for the purpose of promoting community <br />engagement and leadership by honoring the heritage of Hugo, Forest Lake, and the surrounding <br />area, highlighting historic examples of citizens who made a difference in the community, and <br />offering a place for community members to gather. <br />This Corporation may receive and disburse funds or other property incident to or necessary for <br />the accomplishment of the aforesaid purposes and do any and all acts incidental to the transaction <br />of the business of this Corporation or expedient for the attainment of purposes stated herein. <br />6.02 Powers. For its purposes and not otherwise, this Corporation shall have only such powers as are <br />required by and are consistent with the foregoing purposes, including the power to acquire and <br />receive funds and property of every kind and nature whatsoever, whether by purchase, <br />conveyance, lease, gift, grants, and contributions of, and to convey, transfer, and dispose of any <br />funds and property and the income therefrom for the furtherance of the purposes of this <br />Corporation hereinabove set forth, or any of them, and to lease, mortgage, encumber, and use the <br />same, and such other powers which are consistent with the foregoing purposes and which are <br />afforded to this Corporation by the Minnesota Nonprofit Corporation Act, as now enacted or as <br />hereafter amended. <br />Provided, however, that all such powers of this Corporation shall be exercised only so that this <br />Corporation’s operations shall be exclusively within the contemplation of Section 501(c)(3) of the <br />Internal Revenue Code of 1986. Notwithstanding any other provisions of these Articles, the <br />Corporation shall not carry on any other activities not permitted to be carried on by a Corporation <br />exempt from federal income tax under Section 501(c)(3) of the Internal Revenue Code of 1986; <br />or by a Corporation, contributions to which are deductible under Section 170(c)(2) of the Internal <br />Revenue Code of 1986. <br />6.03 References – Internal Revenue Code. All references in these Articles of Incorporation to <br />sections of the Internal Revenue Code of 1986 include any provisions thereof adopted by future <br />amendments thereto and any cognate provisions in future Internal Revenue Codes to the extent <br />such provisions are applicable to this Corporation.