|
|
Section 2.1
|
The Accrediting Council for Collegiate Graphic Communications,
Inc. is established as an
independent, voluntary, not-for-profit organization
under Section 501(c)(3) of the Internal Revenue
Code of 1986, as amended (the “Code”). |
|
|
Section 2.2
|
No part of the net earnings of the Council shall inure to benefit
any Director, officer, or other
individual, whether upon dissolution of the
Council or otherwise (except that reasonable
compensation
may be paid for services rendered to or for
the Council to carry out one or more of its
purposes). |
|
|
Section 2.3
|
No substantial part of the activities of the Council shall be
the carrying on of propaganda, or
otherwise attempt to influence legislation. |
|
|
Section 2.4
|
The Council shall neither participate nor intervene in any political
campaign (including the
publication or distribution of statements)
on behalf of or in opposition to any candidate
for political
office. |
|
|
Section 2.5
|
The Council shall not have the power to issue capital stock. The
Council shall have no members. |
|
|
Section 2.6
|
In no event and under no circumstances shall the Council make
any distribution or expenditure, engage in
any activity, hold any assets, or enter into
any transaction whatsoever not permitted of
a
corporation exempt from federal income tax
under 501(c)(3) of the Code or the effect
of which under
applicable federal laws then in force will
cause the Council to lose its status as an
organization to which
contributions are deductible in computing
the net income of the contributor for purposes
of federal
income taxation under Section 170(c)(2) of
the Code. |
|
|
Section 2.7
|
The Council shall maintain at its principal office a copy of its
application for exemption and all
tax returns filed with the Internal Revenue
Service. To the extent required by law, such
documents shall
be made available during regular business
hours for inspection by any person requesting
to see them. |
