6 Foundation Article VI

  1. No part of the net earnings of the Foundation shall be distributed to, or inure to the benefit of, any Director, or Officer of the Foundation, contributor or private person.

  2. In the event of the dissolution of the Foundation, all of the Foundation's assets, real and personal, shall be distributed to Henry Ford Community College or its successor as is qualified as tax-exempt under Section 50l(c)(3) of the Code, or corresponding provisions of any subsequent Federal income tax laws. Any assets of the Foundation not so disposed shall be distributed to such charitable organization or organizations as are qualified as tax­ exempt under Section 501(c)(3) of the Code or corresponding provisions of any subsequent Federal income tax laws, as the Board of Trustees of Henry Ford Community College shall determine. Any such assets not so disposed, for whatever reason, shall be disposed by order of the Circuit Court for the County of Wayne to such organization or organizations, as said Court shall determine, which are organized and operated exclusively for charitable purposes.

By Law ID: 
6
By Law Name: 
Foundation Article VI
Adopted Date: 
Thursday, April 1, 1982
Bylaw Type: 
Foundation Articles