Astronomical League Bylaws and Standing Resolutions

Article X. Property and Financial

Section 1.

The League may acquire and hold property of any description, real or personal, by gift, purchase, or otherwise.

Section 2.

The League shall be a not-for-profit organization in accordance with Section 501 (c) (3) of the U.S. Internal Revenue Code of 1954. Donations of material, real or personal, and monetary gifts and contributions shall therefore be tax deductible.

Section 3.

Upon dissolution of the Corporation, referred to in these Bylaws as the League, the Council shall, after paying or making provision for payment of all corporate liabilities, dispose of all corporate assets exclusively to such tax exempt organization(s) operated for educational and/or scientific purposes as the Council may determine. Any such assets not so disposed of shall be disposed of by the courts of the county in which the principal office of the Corporation is then located, exclusively for such organizations or purposes of an educational or scientific nature, as said courts shall determine.

Further Reading...

 

Next Article (Article XI - The Trust Fund) in the Astronomical League Bylaws.

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