Following are two proposed amendments to the Articles of Incorporation of Louisiana College, as passed in late September at their regularly-scheduled meeting by the college’s board of trustees.
Following are two proposed amendments to the Articles of Incorporation
of Louisiana College, as passed in late September at their
regularly-scheduled meeting by the college’s board of trustees.
First:
Amend the Articles of incorporation of Louisiana College by striking
out the entirety of the current Article V (Liquidation), which reads
ARTICLE V:
LIQUIDATION
The corporation is formed exclusively for educational and religious
purposes within the meaning of Section 501(c)(3) of the Internal
Revenue Code. No part of the net earnings of the corporation shall
inure to the benefit of or be distributable to the 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 or distributions in furtherance of its
educational and religious purposes. The assets of the corporation shall
be dedicated to the educational and religious purposes of the
corporation. Upon dissolution of the corporation, the assets shall be
distributed to the Louisiana Baptist Convention or to the designee of
the Louisiana Baptist Convention, if the recipient, the Convention or
its designee, is then a tax-exempt organization within the meaning of
the Section 501(c)(3) of the Internal Revenue Code, or corresponding
section of any future federal tax code and inserting the following new
Article V (Charitable Purpose):
ARTICLE V: CHARITABLE PURPOSE
Section 1. The corporation is a non-profit corporation. The
corporation is organized exclusively for charitable, education,
religious, and scientific 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
the corresponding section of any future federal tax code.
Section 2. No part of the net earnings 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 or distributions in furtherance of its
religious and educational purposes.
Section 3. No substantial part of the activities of the corporation
shall be the carrying on of propaganda, or otherwise attempting to
influence legislation, and the corporation shall not participate in, or
intervene in (including the publishing or distribution of statements)
any political campaign on behalf of or in opposition to any candidate
for public office. Notwithstanding any other provision of these
articles, the corporation shall not carry on any other activities not
permitted to be carried on (a) by a corporation exempt from federal
income tax under Section 501(c)(3) of the Internal Revenue Code, or the
corresponding section of any future federal tax code, or (b) by a
corporation, contributions to which are deductible under Section
170(c)(2) of the Internal Revenue Code, or the corresponding section of
any future federal tax code.
Section 4. Upon the dissolution of the corporation, the assets shall be
distributed to the Louisiana Baptist Convention if at that time the
Convention is an organization exempt from taxation, pursuant to Section
501(c)(3) of the Internal Revenue Code, or the corresponding section of
any future federal tax code, and if the Convention is not then such an
organization, then to an organization or organizations which is or are
then so exempt.
Second:
The Louisiana College Board of Trustees unanimously passed this wording
(on September 19, 2006) as a proposed amendment to the Articles of
Incorporation of Louisiana College.
Amend Article IV (membership) Section 2, by inserting, after “plus the President” the words “and the Executive Director”.
This would make that sentence (not the section, only the sentence) read:
“The Board of Trustees shall be composed of thirty-three persons, each
of whom shall be in good standing of a Baptist church in Louisiana
cooperating with the Louisiana Baptist Convention and a resident of the
state of Louisiana, plus the President and the Executive Director of
the Louisiana Baptist Convention.”