Section THREE Financials
3A The Board shall by resolution from time to time designate the bank in which the money, bonds or other securities of the Corporation shall be placed for safekeeping.
3A.1 The financial year of the Corporation ends on August 31st (currently) in each year or on such other date as the Board may from time to time by resolution determine.
3A.2 The funds of the Church shall be used to defray all necessary expenses. Purchases of capital items must have approval of the Board. A receipt must be submitted for all purchases and reimbursements.
3A.3 Financial Disclosure The Corporation may, instead of sending copies of the annual financial statements and other documents referred to in subsection 172 (1) (Annual Financial Statements) of the Act to the Members, publish a notice to its Members. The notice must state that the annual financial statements and documents provided in subsection 172 (1) are available at the registered office of the Corporation and any Member may, upon request, obtain a copy free of charge at the registered office or by means of Section 1.09.
3A.4 Dissolution of Corporation
(a) The corporation may be dissolved voluntarily by a two-thirds (2/3) vote of the Board of Directors during a regularly scheduled or specially convened meeting where dissolution is the primary agenda item. Notice of the proposed dissolution shall be given to all Directors in accordance with the notice requirements outlined in these bylaws.
(b) Following the Board of Directors’ approval of dissolution, the matter shall be submitted to the voting members of the corporation at a special meeting called for the purpose of dissolution. Notice of this meeting, including the purpose of dissolution, shall be provided to all members in accordance with the notice provisions outlined in these bylaws.
(c) Dissolution shall be effective upon receiving a two-thirds (2/3) majority vote of the voting members present at the special meeting.
(d) In the event of dissolution, the assets of the corporation, after payment of all debts and obligations, 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 a state or local government, for a public purpose.
(e) Any such assets not disposed of shall be disposed of by the appropriate court of the county in which the principal office of the corporation is then located, exclusively for such purposes or to such organization or organizations, as said court shall determine, which are organized and operated exclusively for such purposes.
(f) The dissolution of this corporation shall be conducted in compliance with all applicable federal and provincial laws and regulations, including those governing tax-exempt organizations.