Article VII Preservation of Tax Exempt Status

Section 7.1 Charitable Purpose. 

The University is organized exclusively for charitable, educational, and scientific purposes. Notwithstanding any other provision of these Bylaws, the University shall not carry on any other activities not permitted to be carried on by a corporation exempt from federal income tax under Internal Revenue Code Section 501(c)(3) or by a corporation contributions to which are deductible under Internal Revenue Code Section 170(c)(2). No substantial part of the activities of the University shall be the carrying on of propaganda, or otherwise attempting to influence legislation, and the University shall not participate in, or intervene in any political campaign on behalf of, or in opposition to, any candidate for public office. 

Section 7.2 Distribution of Assets in the Event of Dissolution. 

In the event that the University is ever dissolved, after paying or making provision for the payment of all liabilities of the University, all assets shall be distributed pursuant to the Acts of Congress and these Bylaws for one or more of the University’s charitable purposes within the meaning of Internal Revenue Code Section 501 (c)(3), or shall be distributed to the federal government or to a state or local government, for a public purpose in such manner as the Board of Trustees shall determine. Any such assets not so disposed of shall be disposed of by a court of competent jurisdiction exclusively for such purposes or to such organization or organizations as such court shall determine, which are organized and operated exclusively for such purposes.