Irrevocable Dedication: Dissolution and Reversion
Section 8.01 Irrevocable Dedication. The organization is not organized, nor shall be operated for a pecuniary gain or profit. The property, asset, profits and net income of the organization are irrevocably dedicated to charitable purposes, and no part of the profits or net income shall inure to the benefit of any officer or member thereof. The property, assets and net income of the organization will be considered dedicated to a charitable purpose if the profit and net income (or in the case of dissolution, the assets) are distributed to another entity qualifying for exempt status under Section 501 (c) (3) of the code as further specified in Section 8.02.
Section 8.02 Dissolution. The organization may be dissolved only by a two-thirds vote of the members of the Executive Committee. Should the organization cease to exist and be dissolved, its property and assets the remaining shall be distributed among the member institutions.
Section 9.01 By-law Changes. The By-laws may be changed by majority votes of the Executive Committee present and voting, providing a written notice is given 30 (thirty) days in advance.
Section 10.01 Effective Date. These by-laws shall take effect upon the adoption by the Executive Committee.