Lambda House Mission
Below, as taken from section II of the Lambda House Articles Incorporation,
is the purpose of Lambda House, Inc.
1. To promote and encourage activities of the Indiana Theta Chapter of Sigma
Phi Epsilon Fraternity; to acquire, own, hold, use, lease, mortgage, pledge, sell,
convey or otherwise dispose of property, real or personal, tangible or intangible,
to promote fraternity activities; to operate and maintain a college fraternity
house for the use and convenience of the members of the Indiana Theta Chapter
of Sigma Phi Epsilon Fraternity; to acquire by purchase, gift, devise or otherwise
the title to or the custody in control of real estate and personal property to
be used as a college fraternity house; preserve and protect the building and real
estate of the fraternity house; to collect and preserve records, relics and other
things of fraternity interest; to foster and promote public knowledge of and interest
in fraternity activities.
2. No part of the net earnings of the corporation shall inure to the benefits
of any member, director, officer, of the corporation or any private individual
(except that reasonable compensation may be paid for services rendered to or for
the corporation affecting one or more of its purposes) and no member, director,
officer of the corporation or any private individual shall be entitled to share
in the distribution of any of the corporate assets on dissolution of the corporation.
3. Notwithstanding any other provisions of these Articles of Incorporation, the
corporation shall not conduct or carry on any activities not permitted to be conducted
or carried on by an organization exempt under Section 501 of the Internal Revenue
Code and its regulations as they now exist or as they may hereafter be amended
or by an organization contributions to which are deductible under Section 170
(c)(2) of such Code and regulations as they may now exist or as they may hereafter
be amended.
4. Upon the dissolution of the corporation or the winding up of its affairs, the
assets of the corporation shall be distributed exclusively to charitable, religious,
scientific, literary, or educational organizations which would then qualify under
the provisions of Section 501 of the Internal Revenue Code and its regulations
as they now exist or as they may hereafter be amended.
5. To accept, acquire, receive, take and hold by bequest, devise, grant, gift,
purchase, exchange, lease, transfer, judicial order or decree or otherwise for
any of its objects and purposes any property, both real and personal, or whatever
kind, nature or description and wherever situated.
6. To sell, exchange, convey, mortgage, lease, transfer, or otherwise dispose
of any such property, both real and personal, as the objects and purposes of the
corporation may require subject to such limitations as may be prescribed by law.
7. To borrow money and from time to time make, accept, endorse, execute and issue
bonds, debentures, promissory notes, bills of exchange, and other obligations
of the corporation for monies borrowed or in payment for property acquired or
for any of the other purposes of the corporation and to secure the payment of
any such obligations by mortgage, pledge, deed, indenture, agreement, or other
instrument of trust or by other lien upon, assignment of or agreement in regard
to all or any part of the property rights or privileges of the corporation wherever
situated whether now owned or hereafter to be acquired.
8. To invest and re-invest its funds in such stock, common or preferred, bonds,
debentures, mortgages, or in such other securities and property as its Board of
Directors deem advisable subject to the limitations and conditions contained in
any bequest, devise, grant or gift, provided such limitations and conditions are
not in conflict with the provisions of Section 501 of the Internal Revenue Code
and its regulations as they now exist or as they may hereafter be amended.
9. In general, and subject to such limitations and conditions as are or may be
prescribed by law to exercise such other powers which now are or hereafter may
be conferred by law upon a corporation organized for the purposes here and above
set forth or necessary or incidental to the power so conferred or conducive to
the attainment of the purposes of the corporation subject to the further limitation
and condition that notwithstanding any other provision of these Articles of Incorporation,
only such powers shall be exercised as are in futherance of the tax exempt purposes
of the corporation and as may be exercised by an organization exempt under Section
501 of the Internal Revenue Code and its regulations as they now exist or as they
may hereafter be amended, or by an organization, contributions to which are deductible
under Section 170 of such Code and regulations as they now exist or as they may
hereafter be amended.
|
