Session Laws

Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:

Chapter 554 of the acts of 1971 is hereby amended by inserting after section 10C, inserted by section 2 of chapter 1097 of the acts of 1973, the following section:-

Section 10D. Notwithstanding any other provision of these articles, the organization shall not carry on any other activities not permitted to be carried on by an organization exempt from Federal Income Tax under section 501 (c) (3) of the Internal Revenue Code of 1954 or by an organization contributions to which are deductible under section 170 (c) (2) of the Internal Revenue Code of 1954.

No part of the net earnings of the corporation shall inure to the benefit of any member, trustee, director, officer of the corporation, or any private individual except that reasonable compensation may be paid for services rendered to or for the corporation, no member, trustee, officer of the corporation or any private individual shall be entitled to share in distribution of any of the corporate assets upon dissolution of the corporation.

No substantial part of the activities of the corporation shall be carrying on propaganda, or otherwise attempting to influence legislation except as otherwise provided by Internal Revenue Code section 501 (h), or participating in, or intervening in, including the publication or distribution of statements, any political campaign on behalf of any candidate for public office.

Upon the liquidation and the dissolution of the corporation, after paying or adequately providing for the debts and the obligations of the corporation, the remaining assets shall be distributed to a nonprofit fund, foundation, or corporation which is organized and operated exclusively for charitable, educational, religious, and scientific purposes and which has established its tax-exempt status under section 501 (c) (3) of the Internal Revenue Code.