Article IX Dissolution
Section 14.1 General . If
there are no Officers or Directors of the GRSBA for two consecutive Semesters,
the GRSBA shall dissolve.
Section
14.2 Disposition of Assets . If
the GRSBA’s purposes fail or if the GRSBA ceases to be approved as a tax-exempt
organization under the federal Internal Revenue Code, and any such defect is
not cured by appropriate amendment, or in the event of voluntary dissolution,
all of the GRSBA’s assets, both real and personal, shall be distributed to the
School, provided that the School qualifies as tax exempt under Section
501(c)(3) of the Internal Revenue Code, or the corresponding provisions of any
subsequent federal tax laws, at the time of the GRSBA’s dissolution. Should the School not so qualify as
tax-exempt, the GRSBA’s assets, both real and personal, shall be distributed to
such other organizations as the Directors (or in default of designation by the
Directors, the Circuit Court for the County of Kent, Michigan) designate as
best accomplishing the purposes for which the GRSBA was formed. An organization receiving such distribution
must be qualified as tax-exempt under Section 501(c)(3) of the federal Internal
Revenue Code, or the corresponding provisions of any subsequent federal tax
laws. The GRSBA shall be dissolved after
all its assets have been so distributed.