Article IV: Purposes and Powers
Section 1. Purposes. The purposes for which this
Corporation is formed are exclusively charitable,
scientific, or educational and consist of the following:
- To promote and preserve in operating condition a
complete collection of combatant craft operated by the
US Military from WWII to the present.
- To perpetuate in the memory and hearts of all
Americans the spirit in which these great patrol craft
were operated for the defense of our national ideals.
- To provide a museum building for permanent
protection and display of these vessels as a tribute
to the men and women that built, maintained and
operated them.
- To establish an organization having the dedication,
enthusiasm and esprit de corps necessary to operate,
maintain and preserve these craft as symbols of our
American maritime heritage.
- To aid, support, and assist by gifts, contributions
or otherwise, other corporations, community chests,
funds and foundations organized and operated
exclusively for charitable, scientific or educational
purposes, no part of the net earnings of which insures
to the benefit of any private shareholder or
individual, and no substantial part of the activities
of which is carrying on propaganda, or otherwise
attempting to influence legislation.
-
To do any and all lawful activities which may be
necessary, useful or desirable for the furtherance,
accomplishment, fostering or attainment of the
foregoing purposes, either directly or indirectly and
either alone or in conjunction or cooperation with
others, whether such others be persons or
organizations of any kind of nature, governmental
bureaus, departments, or agencies.
Section 2. Powers. In general, and subject to such
limitations and conditions as are or may be prescribed by
law, or in the Corporations Articles of Incorporation or
Bylaws, the Corporation shall have all powers which now or
hereafter are conferred by law upon a corporation
organized for the purposes set forth above, or are
necessary or incidental to the powers to conferred, or are
conducive to the attainment of the Corporations purposes.
Article V: Limitations
The Corporation will expend energy and resources in
preserving these selected boats and educating the public
about the issues that surrounded their operation during
the various American Wars.
All of the purposes and powers of the Corporation shall
be exercised exclusively for charitable, scientific, and
educational purposes in such manner that the Corporation
shall qualify as an exempt organization under Section
501(c)(3) of the Internal Revenue Code of 1986 or the
corresponding provision of any future United States
Internal Revenue law, and that contributions to the
Corporation shall be deductible under Section 170(c)(2) of
the Internal Revenue Code of 1986 or the corresponding
provision of any future United States Internal Revenue
law.
No substantial part of the activities of the
Corporation shall be the carrying on of propaganda, or
otherwise attempting to influence legislation, except as
otherwise permitted to an organization described in
Section 501(c)(3) of the Internal Revenue Code of 1986 or
the corresponding provision of any future United States
Internal Revenue law. The Corporation shall not
participate in, or intervene in (including the publishing
or distribution of statements) any political campaign on
behalf of (or in opposition to) any candidate for public
office.
Notwithstanding any or other provisions of these
Articles, the Corporation shall not carry on any
activities not permitted to be carried on (a) by a
corporation exempt from federal and state income taxes
under Section 501(c)(3) of the Internal Revenue Code of
1986 or the corresponding provision of any future United
States Internal Revenue law, or (b) by a corporation,
contributions to which are deductible under Section
170(c)(2) of the Internal Revenue Code of 1986 or the
corresponding provision of any future United States
Internal Revenue law.
No part of the net earnings of the Corporations shall
inure to the benefit of, or be distributable to, its
members, directors, officers, or other private persons,
except that the Corporation is authorized or empowered to
pay reasonable compensation for services rendered and to
make payments and distributions in furtherance of its
purposes.
Upon the winding up and dissolution of the Corporation,
the assets of the Corporation remaining after payment of,
or provision for payment of, all debts and liabilities of
the Corporation, shall be distributed to an organization
or organizations recognized as exempt under Section
501(c)(3) of the Internal Revenue Code of 1986 or the
corresponding provision of any future United States
Internal Revenue law, and used exclusively to accomplish
the purposes for which this Corporation is organized. |