ARTICLE XV:  LIMITATION ON ACTIVITIES

 

A. The Foundation is organized and operated exclusively for the non-profit purposes enumerated within section 501 (c) (3) of the Code, as amended.

 

B. Notwithstanding any other provision herein, the Foundation shall not carry on any activities not permitted to be carried on by an organization exempt from Federal income taxation described in section 501 (c) (3) of such Code.

 

C. The Foundation shall use its funds only to accomplish the objectives and purposes specified in these bylaws. No part of the net earnings of the Foundation shall inure to the benefit, or be distributable to, its Directors, Officers, private individuals, or organizations organized and operating for profit, except that the Foundation is authorized and empowered to pay reasonable compensation for services rendered.

 

D. All policies of the Foundation shall be consistent with applicable Federal, State, and other applicable laws and with these bylaws.

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Bataan-Corregidor Memorial Foundation of New Mexico, Inc.