NOW, THEREFORE, BE IT RESOLVED, THAT THE MEMBERS DETERMINE THAT IT IS IN THE BEST INTERESTS OF THE FOUNDATION TO WIND UP AND TERMINATE THE FOUNDATION IN ACCORDANCE WITH THE PROVISIONS OF CHAPTER 11 AND CHAPTER 22 OF THE TEXAS BUSINESS ORGANIZATIONS CODE AND INTERNAL REVENUE CODE SECTION 507(B)(1)(A); AND RESOLVED, THAT THE OFFICERS OF THE FOUNDATION SHALL CONFIRM THAT ALL OUTSTANDING OBLIGATIONS AND LIABILITIES HAVE BEEN MET OR SHALL PAY OR OTHERWISE MAKE ADEQUATE PROVISION FOR ANY OUTSTANDING OBLIGATIONS OR LIABILITIES; AND RESOLVED, THAT THE OFFICERS OF THE FOUNDATION SHALL DISTRIBUTE, AND SHALL HAVE FULL AUTHORITY TO DISTRIBUTE, AFTER ALL OUTSTANDING OBLIGATIONS AND LIABILITIES ARE MET OR OTHERWISE PROVIDED FOR, ALL REMAINING ASSETS TO ONE OR MORE CHARITABLE ORGANIZATION(S) DESCRIBED IN INTERNAL REVENUE CODE SECTION 170(B)(1)(A)(I)(VI), EACH OF WHICH HAS BEEN IN EXISTENCE AND SO DESCRIBED FOR A CONTINUOUS PERIOD OF AT LEAST SIXTY (60) MONTHS PRIOR TO THE DISTRIBUTION. UNDER NO CIRCUMSTANCES SHALL ASSETS REMAINING, IF ANY, ACCRUE TO THE FOUNDATION'S BOARD MEMBERS, OFFICERS OR ANY OTHER RECIPIENT PROHIBITED UNDER FEDERAL OR STATE LAW.
Application Information
Accepts Unsolicited ProposalsNo — Preselected Only