ARTICLE XIV: DISSOLUTION


Upon the dissolution of the Corporation or the termination of its activities, the assets of the Corporation remaining after the payment of all its liabilities shall be distributed exclusively to one or more organizations organized and operated exclusively for such purposes as shall then qualify as an exempt organization or organizations under Section 501 (c) of the Internal Revenue Code of 1986, as amended, and as a charitable, religious, eleemosynary, benevolent or educational corporation within the meaning of Title 13B, of the Maine Revised Statutes as amended.
No part of the net earnings of the Corporation shall inure to the benefit of any member, director, or officer of the Corporation, or any private individual (except that reasonable compensation may be paid for services rendered to or for the Corporation in carrying out one or more of its purposes), and no member, director, or officer of the Corporation, or any private individual, shall be entitled to share in the distribution of any of the corporate assets on dissolution of the Corporation.


2018 By laws Committee: Bill Zito (chair), Priscilla King (clerk), Mary Alden, Nancy Hamilton, Ralph Harvey, Karen Kelley, Mike Nahme, Dan Nichols, and Jim Rose

8 Church Street    
PO Box 261    
Searsport, Maine 04974    
(207)548-0327  

 

 

 

 

 

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