Section 7.01-Dissolution: Upon termination or dissolution of the WMRHS Athletic Booster Club, any assets lawfully available for distribution shall be distributed to one (1) or more qualifying organizations described in Section 501 (c)(3) of the Internal Revenue Code of 1986 (or described in any corresponding provisions of any successor statute) which organization or organizations have a charitable purpose which, at least generally, includes a purpose similar to the terminating or dissolving corporation.
The organization to receive the assets of the WMRHS Athletic Booster Club here-under shall be selected by the discretion of a majority of the managing body of the WMRHS Athletic Booster Club and if its members cannot so agree, then the recipient organization shall be selected pursuant to a verified petition in equity filed in court of proper jurisdiction against the WMRHS Athletic Booster Club by one (1) or more of its managing body which verified petition shall contain such statements as reasonably indicate the applicability of this section. The court upon finding that this section is applicable shall select the qualifying organization or organizations to receive the assets to be distributed, giving preference if practicable to organizations located within the State of New Hampshire.
In the event that the court shall find that this section is applicable but that there is no qualifying organization known to it which has a charitable purpose, which, at least generally, includes a purpose similar to this corporation, then the court shall direct the distribution of its assets lawfully available for distribution to the Treasurer of the State of New Hampshire to be added to the general fund.
ARTICLE VIII - Amendment of By-Laws
Section 8.01-Amendments: Amendments to these By-Laws may be adopted at the Annual Business Meeting in May by 2/3 majority of members present.