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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 />AHfl'ICLI~ VI I <br /> <br />Ee r ~g_Q~I:_[.i~}?j:.J_;U~.Y <br /> <br />The members, directors and officers of the corporation shall <br />not have personal liability for any debts or obligations of the <br />corporation. <br /> <br />AH'l'ICLE VIII <br /> <br />E.~~~~_?~ a ry- Ga _in; -1- nUE.em~!}..~ <br /> <br />The corporation shall not, incidentally or otherwise, afford <br />pecuniary gain to its members, as such. No part of the net <br />earnings of the corporation shall inure, within the meaning of <br />section BOI(c) (3) of the Code, to the benefit of any member, <br />director, or officer of the corporation or any other private <br />individual; provided, however, that nothing herein shall prohibit, <br />among other things, the payment of reasonable compensation Eor <br />services rendered to or for the corporation in the performance of <br />its charitable purposes. <br /> <br />ARTICLE IX <br /> <br />I:. 0 lL~ i ~~L_D>.ct "t.\1_j,~y <br /> <br />Not more than an insubstantial part of the activities of the <br />corporation shall include carrying on propaganda or otherwise <br />attempting to influence legislation, and the corporation shall not <br />participate in, or intervene in (including the publishing or <br />distributing of statements), any political campaign on behalf of, <br />or in opposition to, any candidate for public office. <br /> <br />ARTICLE X <br /> <br />Receipts of Gifts, Requests, Etc. <br /> <br />In furtherance and not in limitation of the powers conferred <br />by law, the corporation may take, receive, and hold real and <br />personal property, including the principal and interest of any <br />money or other fund, that is given, conveyed, bequeathed, devised <br />to, or otherwise vested in the corporation in trust for a purpose <br />consistent with the purpose set forth in these Articles of <br />Incorporation. Except where a trust instrument prescribes <br />otherwise, the corporation may invest trust property or its <br />proceeds in accordance with the laws of the state of Minnesota. <br /> <br />3 <br />
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