HomeMy WebLinkAbout0011_0002said persons to serve for the terms specified in the Bylaws, subject
to removal by this Council for cause or at will as provided in the Act
and in the Bylaws
Section S. That, as provided in the Act, the Corporation shall
be a nonprofit corporation, and no part of its net earnings remaining
after payment of its expenses, bonds or other obligations shall ever
inure to the benefit of any individual, firm or corporation, except
that upon dissolution, in the event sufficient provision has been made
for the full payment of the expenses, bonds and other obligations of
the Corporation, then any net assets of the Corporation remaining or
thereafter accruing shall be paid to the City.
Section 6 That the City expressly reserves the right, exercis-
able at any time and in its sole discretion, to alter the structure,
organization, programs or activities of the Corporation or to terminate
and dissolve the Corporation, subject only to any limitations provided
by the respective constitutions and laws of the State of Texas or of
the United States prohibiting the impairment of contracts entered into
by the Corporation.
Section 7. That the Corporation shall have no purposes and shall
engage in no business or enterprise except in furtherance of the
purposes provided in and authorized by the Act as it may be amended
from time to time Whenever the board of directors shall determine
that the purposes for which the Corporation was formed have been
substantially accomplished and that all bonds and other obligations
theretofore issued or incurred by the Corporation have been fully paid
or payment provided for, the members of the board of directors shall,
upon receipt of the approval of this Council, thereupon dissolve the
Corporation in the manner provided by law, subject to the limitations
provided in Section 6 hereof applicable to dissolution directed by the
Council.
Section 8 That whenever dissolution of the Corporation shall
occur, whether instituted by this Council or by the board of directors
of the Corporation, the dissolution proceedings shall transfer the
title to all funds and properties then owned by the Corporation to the
City after satisfaction of all claims against the Corporation has been
made
Section 9 That any and all bonds, notes or other similar
obligations issued by the Corporation shall contain a provision,
substantially to the effect that they shall never be deemed to be or
create an indebtedness or liability or a special, general or moral
obligation payable out of any funds or properties of the City and that
they shall be payable solely out of funds and properties of the
Corporation pledged thereto
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