Real Property Transfer Agreement - 324 Cottage Grove - SB Mutual Housing Co-Op

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be authorized and empowered to pay reasonable compensation for services rendered and to make payments and distributions in furtherance of the purposes set forth in Section 3.1. (b) Notwithstanding any other provision of these Articles of Incorporation, the Cooperative shall not carry on any other activities not permitted to be carried on by a corporation exempt from Federal income tax under Section 501(c) of the Internal Revenue Code of 1986, as amended, or corresponding provisions of any subsequent Federal tax laws. Section 3.3 Powers. Subject to any limitation or restriction imposed by the Act, any other law, or any other provisions of these Articles of Incorporation, the Cooperative shall have the power. (a) to do everything necessary, advisable or convenient for the accomplishment of any of the purposes hereinbefore set forth, or which shall at any time appear conducive to or expedient for the protection or benefit of the Cooperative, and to do all of the things incidental thereto or connected therewith which are not forbidden by law; and (b) to have, exercise and enjoy in furtherance of the purposes hereinbefore set forth all the general rights, privileges and powers granted to corporations by the Act, as now existing or hereafter amended, and by the common law. ARTICLE IV Distribution of Assets on Dissolution In the event of the complete liquidation or dissolution of the Cooperative, or the winding up of its affairs, the Board of Directors shall, after paying or making provision for the payment of all the liabilities of the Cooperative, distribute all the assets of the Cooperative exclusively for the purposes of the Cooperative in such manner, or to such organization or organizations organized and operated exclusively for charitable, educational, religious or scientific purposes as shall at the time qualify as an exempt organization or organizations under Section 501(c)(3) of the Internal Revenue Code of 1986, as amended, or corresponding provisions of any subsequent Federal tax laws, as the Board of Directors shall determine. Any such assets not so disposed of shall be disposed of by the Judge of the Circuit Court of St. Joseph County, Indiana, exclusively For such purposes or to such organization or organizations, as said Court shall determine, which are organized and operated exclusively for such purposes. ARTICLE V Term of Existence The Cooperative shall have perpetual existence. {20151193.DOC} -2-