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Last modified
7/17/2007 1:55:56 PM
Creation date
5/17/2005 1:05:04 PM
Metadata
Fields
Template:
Planning Files
Planning Files - Planning File #
3385
Planning Files - Type
Miscellaneous
Project Name
Local Development Corp
Applicant
City of Roseville
Status
Approved
Date Final City Council Action
4/15/2003
Additional Information
Approval of Local Development Corp and election of officers
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<br />AR'.fICLE XI <br /> <br />Dissolutig_g;, Di~!::.~ibution of Assets <br /> <br />Upon dissolution of the corporation, its property and assets <br />shall be distributed in accordance with the laws of the State of <br />Minnesota; provided, however, that after the payment of all <br />liabilities and obligations of the corporation and all costs and <br />expenses incurred by the corporation in connection with its <br />dissolution, and subject to any condition or executory or special <br />limitation requiring, by reason of dissolution of the corporation, <br />the reversion, return, transfer, or conveyance of any property or <br />assets held by the corporation, any and all remaining property and <br />assets of the corporation shall be distributed exclusively for <br />charitable purposes within the meaning of section 501(c) (3) of the <br />Code, or to the Federal government or a state or local government <br />for a public purpose, or to one or more other organizations that <br />are organized and operated exclusively for charitable purposes <br />within the meaning of section BOl(c) (B) of the Code, all in such <br />proportions as shall be determined (i) by the Board of Directors if <br />dissolution of the corporation is not required by the laws of the <br />state of Minnesota then in effect to be conducted under court <br />supervision, or (ii) otherwise by a court of competent jurisdiction <br />if such dissolution is subject to court supervision. In no event <br />shall any member, director, or officer of the corporation, in any <br />of such capacities, be entitled to any distribution of the property <br />or assets of the corporation upon its dissolution. <br /> <br />ARTICLE XII <br /> <br />First Directors <br /> <br />The number of directors constituting the first Board of <br />Directors of the corporation is five. The names and addresses of <br />such directors are: <br /> <br />Name <br /> <br />Address <br /> <br />Frank Rog <br /> <br />15B9 Roselawn Avenue West <br />Roseville, Minnesota 55113 <br /> <br />Joanne Cushman <br /> <br />1166 Sherren Street West <br />Roseville, Minnesota 55]13 <br /> <br />Vern Johnson <br /> <br />1707 Lydia Avenue <br />Roseville, Minnesota 55113 <br /> <br />Al Kehr <br /> <br />9BB West County Road D <br />St. Paul, Minnesota 55126 <br /> <br />Bob Matson <br /> <br />2774 Dellwood Avenue <br />Roseville, Minnesota 55113 <br /> <br />4 <br />
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