Cultural Council BYLAWS 2011 - Laserfiche WebLink

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the City of Louisville, Colorado, for the use and benefit of the Louisville Cultural Council. Section 3 Limitations. No part of the net earnings of the Council or any assets of the Council or donations to the Council shall inure to the benefit of, or be distributable to, its members, if any, directors, trustees, officers, or other private persons. Council members may be paid or reimbursed authorized expenses actually incurred in the performance of the duties of the office. No substantial part of the activities of the Council shall be the carrying on of propaganda or otherwise attempting to influence legislation, and the corporation of statements in, any political campaign on behalf of any candidate for public office. Notwithstanding any other provisions of these bylaws, the Council shall not carry on any other activity not permitted to be carried on (a) by a corporation exempt from federal income tax under Section 501(c)(3) of the Internal Revenue Code of 1954 (or the corresponding provisions of any future United States Internal Revenue Code law), or by (b) a corporation, contributions to which are deductible under Section 170(c)(2), of the Internal Revenue Code of 1954 (or the corresponding provisions of any future United States Internal Revenue Code law). The corporation shall not issue any shares of stock nor shall the corporation make any loans to its directors or officers. Section 4 Purchasing Policies. All 501(c)(3) funds must be spent in accordance with the budget of the Council, or as voted upon by a majority of the Council. Section 5 Non - Discrimination. All 501(c)(3) funds must be spent in accordance with the non- discrimination rules stated in Article VI. Section 6 Auditing. The Council shall have its 501(c)(3) financials audited annually to assure proper spending and accounting. TH SE BYLAWS ARE ADOPTED by the 4 C._c �, R �is _ / day of i� `2011. cret ry 14 Chair Page 9 of 9