3.2 Public Benefit
[Name of the Corporation] is designated as a public benefit corporation.
ARTICLE IV: Non-Profit Nature
4.1 Non-profit Nature
[Name of the Corporation] is organized exclusively for charitable and educational purposes including, for
such purposes, the making of distributions to organizations that qualify as exempt organizations under
section 501(c)(3) of the Internal Revenue Code, or corresponding section of any future federal tax code.
NO part of the net earnings of [Name of the Corporation] shall inure to the benefit of, or be distributable
to its members, trustees, officers, or other private persons, except that the corporation shall be
authorized and empowered to pay reasonable compensation for services rendered and to make
payments and distributions in furtherance of the purposes set forth in the purpose clause hereof.
Notwithstanding any other provision of this document, the corporation shall not carry on any other
activities not permitted to be carried on (a) by any organization exempt from federal income tax under
section 501(c)(3) of the Internal Revenue Code, corresponding section of any future federal tax code, or
(b) by an organization, contributions to which are deductible under section 170 (c) (2) of the Internal
Revenue Code, or corresponding section of any future federal tax code.
[Name of the Corporation] is not organized and shall not be operated for the private gain of any person.
The property of the corporation is irrevocable dedicated to its educational and charitable purposes. No
part of the assets, receipts, or net earnings of the corporation shall inure to the benefit of, or be
distributed to any individual. The corporation may, however, pay reasonable compensation for services
rendered, and make other payments and distributions consistent with these Articles.
4.2 Personal Liability
No officer or director of this corporation shall be personally liable for the debts or obligations of [Name
of the Corporation] of any nature whatsoever, nor shall any other property or assets of the officers or
directors be subject to the payment of the debts or obligations of this corporation.
4.3 Dissolution
Upon termination or dissolution of the [Name of the Corporation], any assets lawfully available for
distribution shall be distributed to one (1) or more qualifying organizations described in Section
501(c)(3) of the Internal Revenue Code of 1986 (or described in any corresponding provision of any
successor statute) which organization or organizations have a charitable purpose which, at least
generally, includes a purpose similar to the terminating or dissolving corporation.
The organization to receive the assets of the [Name of the Corporation] hereunder shall be selected by
the discretion of a majority of the managing body of the [Name of the Corporation] and if its members
cannot so agree, then the recipient organization shall be selected pursuant to a verified petition in
equity filed in a court of proper jurisdiction against the [Name of the Corporation] by one (1) or more of
its managing body which verified petition shall contain such statements as reasonably indicate the
applicability of this section. The court upon a finding that this section is applicable shall select the
qualifying organization or organizations to receive the assets to be distributed, giving preference if
practicable to the organizations located within the State of [STATE].