Proposed Article XI

 

ARTICLE XI – DISSOLUTION OF THE USCAP

 

Any resolution to dissolve the USCAP must come from the Board and be presented to the Membership for action at any regular or special meeting of the membership.   Such resolution must be approved by the voting Members in accordance with the provisions of the District of Columbia code governing the dissolution of Nonprofit Corporations and pertinent regulations in effect at the time of dissolution by the Internal Revenue Service. Upon certification by the Board of the required Member vote, the USCAP assets shall be applied and distributed in satisfaction of its liabilities and other obligations as required under the Code, after the Board has  adopted a plan of dissolution; such plan shall provide that no assets shall be distributed to Members or officers of the Academy or any private individual, but rather shall be distributed for one or more exempt purposes within the meaning of section 501(3) of the Internal Revenue Code, or the corresponding section of any future federal tax code, or to a state or local government, for a public purpose, but preferably to another nonprofit organization whose purposes are similar to those of the USCAP.