Arnette House, Inc. is a Corporation that is not for profit as defined in 617.01401, Florida Statute (1990). The Corporation is not formed for pecuniary profit. No part of the net earnings of the Corporation shall inure to or for the benefit of, or be distributable to its members, directors or officers, or other private persons, except that the corporation shall be authorized and empowered to pay reasonable compensation for services rendered and to make payments and distributions for the operation of said corporation. The duration of the Corporation shall be perpetual unless sooner dissolved according to law.
The Bylaws of the Corporations are to be made and adopted by the Board of Directors, and may be altered, amended or rescinded by the Boards of Directors. The provision of 617.0206, Florida Statues (1990), as amended from time to time, shall govern amendment of the Bylaws. The Corporation reserves the right to amend or appeal any provisions contained in the Articles of Incorporations or any amendment to them, and all rights and privileges conferred upon the Members, Directors and Officers are subject to this reservation.
The Corporation is organized, and shall be operated exclusively for charitable, religious, educational and scientific purposes, including, for such purposes, the making of distribution to organizations that qualify as exempt organizations under Section 501(c)(3) of the Internal Revenue code as amended (the "Code") or the corresponding section of any future federal tax code.
Included in those purposes is the ability to exercise all rights and powers conferred by the laws of the State of Florida upon Nonprofit Corporations, including without limiting the generality of the foregoing, to acquire by bequest, devise, gift, purchase, lease or otherwise any property of any sort or nature without limitation as to its amount or value, and to hold, invest, reinvest, manage, use, apply, employ, sell, expend, disburse, lease, mortgage, convey, option, donate or otherwise depose of such property and the income, principal and proceeds of such property, for any of the purposes set forth herein.
The corporation will distribute its income for each tax year at a time and in a manner as not to become subject to the tax on undistributed income imposed by section 4942 of the Internal Revenue Code. The corporation will not engage in any act of self-dealing as defined in section 4941(d) of the Internal Revenue Code. The corporation will not retain any excess business holdings as defined in section 4943(c) of the Internal Revenue Code. The corporation will not make any investments in a manner as to subject it to tax under section 4944 of the Internal Revenue Code. The corporation will also not make any taxable expenditures as defined in section 4945(d) of the Internal Revenue Code.
The membership of the Corporation shall be open to all persons regardless of race, color, creed, sex, or national origin. The Corporation shall have Voting Members who shall be elected by the Voting Members and shall have all the rights and privileges of the members of the Corporation.
|
 |