Common use of Dissolution or Sale of Assets Clause in Contracts

Dissolution or Sale of Assets. A quorum of the Board of Directors shall be required to sell or mortgage assets of Radiate Art Space not in the regular course of business or to dissolve Radiate Art Space. Upon dissolution of Radiate Art Space, any assets remaining after payment of or provision for its debts and liabilities shall, consistent with the purposes of the organization, will be paid over to charitable organizations exempt under the provisions of Section 501(c)(3) of the U.S. Internal Revenue Code or corresponding provisions of subsequently enacted federal law. No part of the net assets or net earnings of Radiate Art Space shall inure to the benefit of or be paid or distributed to an officer, director, member, employee, or donor of the organization.