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AG 2014 07 21
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AG 2014 07 21
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Last modified
7/22/2014 2:15:41 PM
Creation date
11/27/2017 10:49:16 AM
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Template:
Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
7/21/2014
Board
Board of Commissioners
Meeting Type
Regular
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PROVISIONS ATTACHED TO <br />ARTICLES OF INCORPORTION FOR <br />ELMA C. LOMAS INCUBATOR FARM PARK, INC. <br />The Corporation is organized and shall be operated exclusively for the purpose of <br />promoting the general welfare of the citizens of Cabarrus County, North Carolina, by <br />assisting the government of Cabarrus County through the organization, purchase and sale, <br />construction and operation and/or lease of real estate and improvements, facilities and <br />equipment for an incubator farm park for the use and benefit of the general public. The <br />Corporation is specifically authorized and empowered as follows: <br />a) To plan, finance, construct, acquire, lease and convey real estate, improvements to <br />real estate, furnishings and equipment, specifically including the power to borrow money <br />to accomplish the purposes of the Corporation; <br />h) To solicit, receive, maintain and administer any funds or property, both real and <br />personal, tangible or intangible; and <br />c) To engage in any other lawful act or activity for which non - profit corporations <br />may be organized under the North Carolina Nonprofit Corporation Act. <br />Provided, however, that in all events and under all circumstances, and notwithstanding <br />the merger, consolidation, reorganization, termination, dissolution or winding up of this <br />Corporation, voluntary or involuntary, or by operation of law, the following provisions <br />shall apply: <br />a) The Corporation shall not have or exercise any power or authority either <br />expressly, by interpretation or by operation of law, not shall it directly or indirectly <br />engage in any activity that would prevent (i) the Corporation from qualifying (and <br />continuing to qualify) as a tax - exempt corporation described in Section 501(c)(3) of the <br />Internal Revenue Code of 1986, as amended (the "Code "); (ii) contributions to it being <br />deductible for federal income tax purposes; (iii) gifts, bequests, legacies and devices to it <br />being deductible in computing the taxable estate of a decedent for federal estate tax <br />purposes; or (iv) gifts or contributions to it being deductible in computing taxable gifts <br />for federal gift tax purposes; <br />b) No substantial part of the activities of the Corporation shall consist of or carrying <br />on propaganda, or otherwise attempting to influence legislation; nor shall the Corporation <br />in any manner and to any extent participate in, or intervene in (including the publishing <br />or distribution of statements), any political campaign on behalf of or in opposition to any <br />candidate for public office; <br />C) The Corporation shall never be operated for the primary purpose of carrying on a <br />trade or business for profit; and neither the whole, nor any party or portion, of the assets <br />or net earnings of the Corporation shall be used, nor shall the Corporation ever be <br />G -2 Page 217 <br />
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