ARTICLE II - PURPOSE
Submitted by admin on Tue, 05/30/2006 - 7:50pm
Section 2.1 Purpose.
The Corporation is incorporated and organized exclusively for charitable and educational purposes as defined by Section 501(c)(3) of without Internal Revenue Code of 1986, including, without limitation: To promote, encourage, construct, develop and expand commercial and residential activities and the rehabilitation and restoration of structures whether vacant or occupied and to engage in other economic development activities in the Highland Park area of the City of Pittsburgh, Commonwealth of Pennsylvania.
The Corporation shall also assist in the development of projects, undertakings, studies and other activities in cooperation and coordination with local government, education, charitable and civic bodies for the elimination of slums, blight an,d blighting influences and to aid, assist and foster planning, replanning, development renewal, redevelopment and improvement in the Highland Park area.
No part of the net earnings of the Corporation shall inure to the benefit of any individual and no director, officer of employee of the Corporation shall receive any pecuniary benefits affecting the corporate purposes. No substantial part of the activities of the Corporation shall consist of carrying on propaganda or otherwise attempting to influence legislation; nor shall the Corporation participate in, or intervene in (including the publishing or distributing of statements) any political campaign on behalf of any candidate for public office.
Upon dissolution of the Corporation, the Board of Directors shall, after paying or making provision for the payment of all of the liabilities of the Corporation, dispose of all of the assets of the Corporation exclusively for the purposes of the Corporation in such manner, or to such organizations organized and operated exclusively for charitable, educational, religious or scientific purposes as at that time shall qualify as an exempt organization under Section 501(c)(3) of the Internal Revenue Code of 1986 (or the corresponding provisions of any future United States Internal Revenue Law), as the Board of Directors shall determine. Any such assets not so disposed of shall be disposed of by the Court of Common Pleas of the County in which the principal office of Corporation is then located, exclusively for such purposes or to such organizations as said Court shall determine, which are organized and operated exclusively for such purposes.
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 under Section 501(c)(3) of the Internal Revenue Code of 1986 (or the corresponding provision of any future United States Internal Revenue Law), or (b) by a corporation, contributions to which are deductible under Section 170(c)(2) of the Internal Revenue Code of 1986 (or the corresponding provisions of any future United States Internal Revenue Law.)
