Actorsingers Bylaws
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ARTICLE II POWERS, FUNCTIONS AND DISSOLUTION
Section 1.
Powers.
The organization shall have all the powers and enjoy all the privileges granted
by the laws of New Hampshire under the provisions of Chapter 292 of the Revised
Statutes Annotated and the original Articles of Agreement.
The powers of the Board of Directors of the organization shall not extend beyond
any of the provisions contained in these Bylaws. All other powers are reserved
to the members who are voting and active.
Section 2.
Corporate Functions.
This organization is to be considered a nonprofit, charitable organization.
No pecuniary gain or profit, incidental or otherwise, to members of the organization
is contemplated.
There shall be no capital stock of the organization. It is organized and operated
exclusively for nonprofit purposes.
Section 3.
Corporate Life and Dissolution.
The term for which this organization is to exist is perpetual.
In the event of dissolution of the organization, on the vote of two-thirds of
its voting membership, the Board of Directors shall adopt a plan of distribution.
On dissolution, whether voluntary or involuntary, the net assets remaining after
the payment of all debts, shall be distributed to, between or among one or more
organizations of a charitable, educational or nonprofit status. These organizations
must be located in Nashua, NH and be exempt from Federal Income Tax under
Section 501(c)(3) of the Internal Revenue Code of 1954 or corresponding provisions
of any such future law. Such nonprofit organization(s) shall have purposes
and functions which are similar in character to those of this organization.
The same two-thirds vote of the voting membership will be required to determine
such organization(s).
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