EXTRACTS FROM THE ARTICLES OF INCORPORATION
OF THE ROTARY FOUNDATION OF ROTARY INTERNATIONAL
filed 31 May 1983
Name. The name of the corporation is: The
Rotary Foundation of Rotary International.
Purposes. This corporation is organized and shall
at all times be operated exclusively
for charitable and educational purposes, or such other purposes or
objects
as may be provided in section 501(c)(3) of the Internal Revenue Code of
1954 or
corresponding provisions of subsequent federal tax laws and as may be
approved
by the corporate member, including, but not limited to, the following:
The furthering
of understanding and friendly relations between people of different
nations through the fostering of tangible and effective programs of a
philanthropic,
charitable, educational, or other eleemosynary nature.
Dedication of Income and Assets.
(a)
No part of the assets or net earnings of this corporation shall inure
to the
benefit of any director, trustee, or officer of this corporation or to
any private
individual, except that the corporation may make payments and
distributions
in furtherance of the purposes set forth above, including the payment of
reasonable compensation for services rendered. Notwithstanding any other
provision of these articles, the corporation shall not carry on any other
activities
not permitted to be carried on (i) 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 (ii) 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).
(b)
No substantial part of the activities of this corporation shall be
the carrying on
of propaganda or otherwise attempting to influence legislation. This
corporation
shall not participate in (including the publishing or distributing of
statements)
any political campaign on behalf of any candidates for public office.
(c)
Upon dissolution or liquidation of this corporation, after payment or
provision
for its debts and liabilities, all of its assets (except any assets
conveyed to
this corporation upon condition requiring return, transfer, or
conveyance,
which condition occurs by reason of the dissolution of this corporation)
shall
be transferred or conveyed pursuant to law to one or more organizations
described in section 501(c)(3) of the Internal Revenue Code of 1954 or
corresponding
provisions of any subsequent federal tax laws for one or more of
the purposes described above, as the corporate member of this corporation
shall determine.
Corporate Member.
The corporation shall have
one class of members, which class
shall consist of one member, designated as the “corporate member.”
The manner
of selection of the corporate member shall be prescribed by the bylaws.
In addition
to matters required by statute, the corporate member shall have the sole
power to appoint the directors of the corporation (who shall be known as
trustees). The articles of incorporation and bylaws shall not be changed
without
the approval of the corporate member. The bylaws may require that
additional
matters be submitted for approval by the corporate member..
