Common use of Charitable Foundation Clause in Contracts

Charitable Foundation. To the extent that Affiliate elects, at its option, to establish a charitable foundation to receive public contributions and engage in education programs, research projects, scholarship awards and other charitable activities, Affiliate shall establish the foundation as an independently incorporated not-for-profit corporation; shall register as a tax- exempt entity under Section 501(c)(3) of the Internal Revenue Code; shall permit the foundation to operate separate from Affiliate and file its own federal and state annual tax returns; and shall comply with such other legal requirements as may be necessary under state or federal law.

Charitable Foundation. To the extent that Affiliate elects, at its option, to establish a charitable foundation to receive public contributions and engage in education programs, research projects, scholarship awards and other charitable activities, Affiliate shall establish the foundation as an independently incorporated not-for-profit corporation; shall register as a tax- tax-exempt entity under Section 501(c)(3) of the Internal Revenue Code; shall permit the foundation to operate separate from Affiliate and file its own federal and state annual tax returns; and shall comply with such other legal requirements as may be necessary under state or federal law.

Charitable Foundation. To the extent that the Affiliate elects, at its option, to establish a charitable foundation to receive public contributions and engage in education educational programs, research projects, scholarship awards awards, and other charitable activities, the Affiliate shall establish the a foundation as an independently incorporated not-for-profit corporation; shall register as a tax- tax-exempt entity under Section 501(c)(3) of the Internal Revenue Code; shall permit the foundation to operate separate from Affiliate and file its own federal and state annual tax returns; and shall comply with such other legal requirements as may be necessary under state or federal law.