Dissolution of Foundation. Consistent with provisions appearing in the Foundation’s Bylaws and Articles of Incorporation, should the Foundation cease to exist or cease to be an Internal Revenue Code §501(c)(3) organization, the Foundation shall transfer to the State Board (or University, as applicable) the balance of all property and assets of the Foundation from any source, after the payment of all debts and obligations of the Foundation, and such property shall be vested in the State Board in trust for the use and benefit of the University.
Dissolution of Foundation. In the event of the anticipated liquidation, bankruptcy, or dissolution of the Foundation, but prior to actual dissolution, the Funds then in possession and under the control of the Foundation shall be returned to the College or shall be transferred to such entity as the Board of Trustees of the College shall direct.
Dissolution of Foundation. 10.1 In the event of dissolution of the Foundation, either by way of revocation or suspension of certificate of incorporation by minister under Section 17 of Act 258 or by way of voluntary dissolution under section 18 of Act 258, the trust constituted herein, all surplus funds and assets after the dissatisfaction of all debts and liabilities of the Foundation, shall be donated to government entity, other trusts or funds or associations approved by the DGIR.
10.2 In accordance to the Section 18 of the Act 258, the dissolution of Foundation must be made known to the Honorary Minister through The Legal Affairs Division of the Prime Minister’s Department (BHEUU, JPM).
Dissolution of Foundation. If Foundation ceases to be a qualified charitable organization, as described in section 501 (c) (3) of the United States Internal Revenue Code, or if the Foundation proposes to dissolve, the property of the Foundation shall be transferred as allowed by law, and to the extent possible, to the City.
Dissolution of Foundation. In the event of the dissolution of the Foundation or upon cessation of operations of the Foundation under this agreement, all assets and liabilities of the Foundation resulting or arising from this agreement shall either be transferred to the Siskiyou Joint Community College District, or a non-profit tax-exempt organization designed by the District, or expended for the benefit of College of the Siskiyous, the students of College of the Siskiyous, or the District. It is understood that in the event the Foundation ceases to be an auxiliary organization it shall retain the assets it brings to this agreement so long as it operates for the benefit of the District.
Dissolution of Foundation. In the event of the dissolution or liquidation of the Foundation, the Foundation Assets shall be distributed in accordance with the Articles of Incorporation and bylaws of the Foundation and any applicable provisions of the Code, as amended, and any regulations promulgated thereunder.
