Article VII – Dissolution

Section 1.

If the Chapter’s purposes fail or if the Chapter ceases to be approved as a tax-exempt organization under the Internal Revenue Code, and any such defect is not cured by appropriate amendment, or if the Chapter voluntarily dissolves, then all of the Chapter’s assets and accumulated income shall be distributed to the American Concrete Institute, if it is then an organization described in Section 501(c) (3) of the Internal Revenue Code; otherwise to such other organizations having similar aims and objectives as the Directors (or in default of designation by the Directors, the Circuit Court for the County of Kent, Michigan) shall designate as best accomplishing the purposes for which the Chapter was formed, provided that the organizations receiving such assets are qualified as tax-exempt under Section 501(c) (3) of the Internal Revenue Code or the corresponding provisions of any subsequent federal tax laws. The Chapter shall be dissolved after all its property has been so distributed.