1. Name. The name of this organization shall be the Bataan-Corregidor Memorial Foundation of New Mexico, Incorporated, hereinafter referred to as the “Foundation.”
2. Organization. The Foundation shall be organized and operated under Section 501 (c) (3) of the Internal Revenue Code, hereinafter referred to as the “Code,” and incorporated under the laws of the State of New Mexico.
The Foundation is organized and operated exclusively for charitable and educational purposes within the meaning of sections 170 (c) (2) (B), 501 (c) (3), 2055 (a) (2) and 2522 (a) (2) of the Code as amended. No part of the net earnings of the Foundation shall inure to the benefit of or be distributed to its directors, officers, or other private individuals of organizations organized and operated for a profit (except that the Foundation shall be authorized and empowered to pay reasonable compensation for services rendered and to make payments and distribution in furtherance of the purposes as herein stated). The Foundation shall not participate in or intervene (including the publishing or distribution of statements) in any political campaign on behalf or in opposition to any candidate for public office. Notwithstanding any other provisions herein, the Foundation shall not carry on any activities not permitted to be carried on (a) by an organization exempt from federal income taxation under section 501 (1) of the Code, as amended, as an organization described in section 501 (c) (3) or (b) by an organization, contributions to which are deductible under sections 170 (c) (2), 2055 (a) (2), or 2522 (a) (2) or the Code, as amended.