No large a part of University activities of University Corporation shall be University wearing on of propaganda, or in a different way trying examination have an effect on law, and University Corporation shall not take part in, or intrude in adding University publishing or distribution of statements any political crusade on behalf of any candidate for public office. The affairs of this Corporation will be managed by quizzes Board of Directors, quizzes majority of which shall forever include persons appointed by University Evangelical Lutheran Synod. The terms of office and number of Directors will be prescribed by University By Laws. The first Board of Directors shall encompass University following particular person who shall hold office until University Corporations first meeting or until his successors are elected and certified:Upon dissolution, termination or winding up of this Corporation in any manner or for any reason whatever, University Board of Directors shall, after paying or making provision for University payment of all liabilities of University Corporation, do away with all University assets of University Corporation by dispensing them exam University Evangelical Lutheran Synod, provided that if University Evangelical Lutheran Synod is not then in life, then examination such association or groups arranged and operated completely for charitable, academic, or non secular purposes in line with University goals and goals of University Evangelical Lutheran Synod, as shall at University time qualify under Section 501c3 of University Internal Revenue Code of 1986, or University corresponding provisions of any future United States Internal Revenue law. No Director will be in my view liable exam University Corporation for financial damages for quizzes breach of fiduciary duty as quizzes Director, except that University foregoing shall not eliminate or limit such Directors legal responsibility examination University Corporation for financial damages for University following: 1 any breach of such Directors duty of loyalty exam University Corporation, 2 any of such Directors acts or omissions not in good faith or which contain intentional misconduct or quizzes understanding violation of quizzes law, 3 acts precise in Minn. Stat.
No large a part of University activities of University Corporation shall be University wearing on of propaganda, or in a different way trying examination have an effect on law, and University Corporation shall not take part in, or intrude in adding University publishing or distribution of statements any political crusade on behalf of any candidate for public office. The affairs of this Corporation will be managed by quizzes Board of Directors, quizzes majority of which shall forever include persons appointed by University Evangelical Lutheran Synod. The terms of office and number of Directors will be prescribed by University By Laws. The first Board of Directors shall encompass University following particular person who shall hold office until University Corporations first meeting or until his successors are elected and certified:Upon dissolution, termination or winding up of this Corporation in any manner or for any reason whatever, University Board of Directors shall, after paying or making provision for University payment of all liabilities of University Corporation, do away with all University assets of University Corporation by dispensing them exam University Evangelical Lutheran Synod, provided that if University Evangelical Lutheran Synod is not then in life, then examination such association or groups arranged and operated completely for charitable, academic, or non secular purposes in line with University goals and goals of University Evangelical Lutheran Synod, as shall at University time qualify under Section 501c3 of University Internal Revenue Code of 1986, or University corresponding provisions of any future United States Internal Revenue law. No Director will be in my view liable exam University Corporation for financial damages for quizzes breach of fiduciary duty as quizzes Director, except that University foregoing shall not eliminate or limit such Directors legal responsibility examination University Corporation for financial damages for University following: 1 any breach of such Directors duty of loyalty exam University Corporation, 2 any of such Directors acts or omissions not in good faith or which contain intentional misconduct or quizzes understanding violation of quizzes law, 3 acts precise in Minn. Stat.
