| Article
I |
The name of this corporation is San
Luis Obispo Bicycle Club, Incorporated. |
| |
| Article
II |
| This corporation is a nonprofit
public benefit corporation and is not organized for the private gain of any person.
It is organized under the Nonprofit Public Benefit Corporation Law for public
purposes. |
| |
| Article
III |
| The specific purpose of this corporation
is to promote the common good and the general welfare of the people of San Luis
Obispo County through safe and legal bicycle riding and to encourage bicycle riding
as an accepted mode of transportation. |
| |
|
Article IV |
| This
corporation is organized and operated exclusively for social welfare purposes
within the meaning of Internal Revenue Code § 501 (c) (4). |
| |
| Article
V |
| The property of this corporation is irrevocably
dedicated to social welfare purposes and no part of the net earnings or assets
of this corporation shall ever inure to the benefit of a director, trustee, officer,
or member or to a private person. |
| |
| Article
VI |
| Upon the dissolution or winding up of
this corporation, its assets remaining after the payment of, or provision for
the payment of, all debts and liabilities of this corporation shall be distributed
to a nonprofit fund, foundation, or corporation which is organized and operated
exclusively for social welfare and which has established its tax exempt status
under Internal Revenue Code § 501 (c) (4). |
| |
| Article
VII |
| This corporation elects to be governed
by all of the provisions of the Nonprofit Corporation Law of 1980 not otherwise
applicable to it under Part 5 of Division 2 of Title 1 of the California Corporations
Code. |
| |
| Article
VIII |
| The liability of Directors of the corporation
for monetary damages shall be eliminated to the fullest extent permissible under
California law. The corporation is authorized to indemnify the Directors and Officers
of the corporation to the fullest extent permissible under California law. |
