Agreement - Near Northwest Neighborhood, Inc. - Real Property Transfer Agreement

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such purposes, the making of distributions to organizations that qualify as exempt organizations under section 501(c) (3) of the Internal Revenue Code of 1954 or the corresponding provision of future United States Internal Revenue Law. No part of the net earnings of the Ca r inure the benefit of, or be distributable to tsmembershall trustees, '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 in furtherance of the purposes set forth in this article.- No sub- stantial part of the activities of the Corporation shall be the carrying on of propaganda, or otherwise attempting to influence legislations other than as permitted under theling Tax Reform Act or the corresponding provision of any future United states Internal Revenue Law; and the Corporation shall not participate in, or intervene in (including the publishing or distribution of statements) any paliti.cal campaign on behalf of any candidate for public office. Notwithstanding any other provisions, of these articles, the Corporation shal], not carry on -any other activities not permitted to be carried on (a) by.a corporation exempt from Federal income tax under section 501(c)(3) of the Internal Revenue Code -of 1954 or the corresponding provision of any'future United States Internal Revenue Law or (b) by a corporation, contributions to which are deductible under section 170 (c) (2) .of the internal Revenue Code of 1954 or the corresponding provision of any future United States Internal Revenue Law. In the event of dissolution of the Corporation,. the board of directors shall, after payment of all liabilities of the Corporation, dispose of the assets of the Corporation, exclusively for the purposes of the Corporation in such manner, or to such organizations organized and operating exclusively for charitable, educational, religious or scientific purposes as shall at the time qualify as an exempt organi- zation or organizations under Section 501(c)(3) of the Internal Revenue Code of 1954 or the corresponding provision of any future United States Internal Revenue Law and which is organized for purposes substantially similar to that of the Corporation.