CALIFORNIA ASSOCIATION OF REALTORS® Education Foundation A Nonprofit Public Benefit Unincorporated Association
FIRST: The name of the unincorporated association is California Association of REALTORS® Education Foundation (“Association”).
SECOND: The Association is a nonprofit public benefit unincorporated association operated in accordance with the Nonprofit Public Benefit Corporation Law of California. The purpose of this Association is to provide real estate related scholarships and to otherwise engage in any lawful act or activity for which an Association may be organized under such law. This Association is organized exclusively for charitable purposes.
THIRD: This Association is formed, and shall be operated, in connection with the California Association ofREALTORS®.
FOURTH: The place in this state where the principal office of the Association is to be located is the City of Los Angeles, California, Los Angeles County.
Agent forService of Process
FIFTH: The name of the Association’s initial agent for service of process is:
Joel S. Singer 525 South Virgil Avenue Los Angeles, CA 90020
Limitation on Activity
SIXTH: notwithstanding any of the above statements of purposes and powers, this Association shall not, except to an insubstantial degree, engage in any activities or exercise any powers that are not in furtherance of thespecific purpose of this Association.
SEVENTH: The property of this Association is irrevocably dedicated to charitable purposes. No part of the net income or assets of this Association shall ever inure to the benefit of any director, officer or member thereof or to the benefit of any private persons except as designed herein.
Limitation on Distribution
EIGHTH: No part of the net earnings of the Association shall inure to the benefit of, or be distributable to its members, directors, officers, or other private persons, except that the Association shall be authorized and empowered to pay reasonable compensation for services rendered and to make payments and distributions in furtherance of the purposes set forth in Article Two hereof. No substantial part of the activities of the Association shall be the carrying on of propaganda, or otherwise attempting to influence legislation, and the Association shall not participate in, or intervene in (including the publishing or distribution of statements) any political campaign on behalf of or in opposition to any candidate for public office. Notwithstanding any other provision of these articles, this Association shall not, except to an insubstantial degree, engage in any activities or exercise any powers that are not in furtherance of the purposes of this Association.
NINTH: Upon the dissolution of the Association, assets shall be distributed for one or more exempt purposes within the meaning of section 501(c)(3) of the Internal Revenue Code, or the corresponding section of any future federal tax code, or shall be distributed to the federal government, or to astate or local government, for a public purpose. Any such assets not so disposed of shall be disposed of by a court of competent jurisdiction of the county in which the principal office of the Association is then located, exclusively for such purposes or to such association or associations, as said court shall determine, which are organized and operated exclusively for such purposes.
IN WITNESS WHEREOF, we have hereunto subscribed our names this 18th day of April, 2005. ___________________________ Joel Singer, Executive Vice President California Association of REALTORS®
___________________________ Debra Ferrier, Assistant General Counsel California Association of REALTORS®
I hereby declare that I am the person who executed the foregoing Articles of Association, which execution is my act and deed.
___________________________ Joel Singer, Executive Vice President California Association of REALTORS®
___________________________ Debra Ferrier, Assistant GeneralCounsel California Association of REALTORS®