Restated Articles of Incorporation
Of the San Luis Obispo Bicycle Club, Incorporated
Incorporated: December 14, 1976
The name of this corporation is San Luis Obispo Bicycle Club, Incorporated.
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.
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.
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.
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).
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.
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.