Translation/Interpretation please

[Tomm]

The Articles of Incorporation states:

"To do anything and everything lawfully necessary in the interest of the Members of the Corporation, including, without limitation, the following:"

Item 5. To purchase, lease, option, contract for or otherwise acquire, take, own, hold, exchange, sell, or otherwise dispose of, pledge, mortgage, hypothecate, encumber any and all classes of property necessary to the fulfillment and furtherance of the objects and purposes of the Corporation within the limits prescribed by law.

It also states: "Item 7. The Corporation shall not convey any substantial part of its assets, or any real property of assessed value for tax purposes exceeding $50,000, without affirmative vote of a majority of its membership entitled to vote thereon."

Question/ interpretation please: Whereas Item 5 seems to give the corporation unlimited power to buy, sell, contract, etc. pretty much anything. Does Item 7 basically mean that the corporation can't purchase or sell any property if the impact/increase on the corporations taxes exceeds $50,000 without the vote of the membership? Or is it saying the corporation can't sell any portion of its property to get a $50,000 tax reduction?    

[Shmuel Gerber]

This is not a question of parliamentary procedure and is beyond the scope of the forum.

While I'm sure the members here would have great fun trying to interpret it, that's not what this forum is for.

[Tomm]

I kinda thought that that's the response I would receive....my bad...sorry! Can't blame a guy for trying!

But it sure would be fun to read their interpretations..  

[Guest Guest]

What is against asking the membership?

(Just to err on the good side)

Also note that item 7 talks about the value of the good not just the tax involved