ARTICLE IX – CORPORATION TERMINATION
SECTION 1 – terminate
(a) Should this Club ever terminate its existence, all moneys above debts shall be given to the membership that have paid membership dues for the current year and in good standing. This will be done on the date of official termination within the year of termination.
(b) All Club properties and real properties shall be sold to the highest bidder within one (1) year of the termination of the Club.
(c) All organizations or newsletter groups that the club belongs to (like the PRA) will be notified in a timely manner.
Mike Woolson comments to maybe add here:
ARTICLE IX – CORPORATION TERMINATION = (b) we need to compile a property listing beforehand. Items in the hands of others needs to be known, and the fact of the Simulator is welded to Jewgo’s trailer needs to be clarified in writing such as he is in control of said item until further notice or is defaulted as his property from the club.
(I have the idea of) The Treasurer will retain a up to date listing of club assets (property) and give a statement monthly or when the listing is changed thereof.
Assets and Money go hand in hand. How do you feel about above statement?