Articles of Incorporation

 
Section 2: Articles of Incorporation -- Policy: Articles of Incorporation
 
Articles of Incorporation
 
ARTICLES OF INCORPORATION MADISON COMMUNITYCOOPERATIVE Amended by the General Membership, 10-24-93 Amended by the General Membership, 2-11-01, Article VI (address) amended by Board of Directors 4-6-16
 
ARTICLE I
The name of the cooperative shall be the Madison Community Cooperative.
 
ARTICLE II
The cooperative is organized exclusively for charitable and educational purposes within the meaning of section 501(c)(3) of the Internal Revenue Code. No substantial portion of either its funds or activities may be directed at any time to other purposes. MCC strives to improve the Madison community by providing low-cost, not-for-profit cooperative housing for very low to moderate income people and to be inclusive of underrepresented and marginalized groups of the community. In further effort to make these goals achievable the cooperative shall provide training and education to its residents/members and to the community at large in the methods and mechanisms of cooperative living and housing self-management.
 
ARTICLE III
The cooperative is organized without capital stock and not for profit. The period of existence shall be perpetual.
 
ARTICLE IV
The qualifications and incidents of membership shall be stated in the bylaws.
 
ARTICLE V
In event of dissolution of the cooperative, assets remaining after payment of the cooperative's obligations, if any, shall be distributed to organizations which shall at that time qualify as exempt organizations under Section 501(c)(3) of the Internal Revenue Code of 1954 (or the corresponding provision of any future United States Internal Revenue Law).
 
ARTICLE VI
The principal office of the cooperative shall be at 1202 Williamson St., Ste. 106, Madison, WI 53703.
 
ARTICLE VII
The number of Directors shall be not less than five and shall be fixed by the bylaws.
 
ARTICLE VIII
At any member meeting the cooperative may adopt any amendment to or revision of these articles which is lawful under Wisconsin State Statue 185, provided that a statement of the nature of the amendment or revision was contained in the notice of the meeting.
 
ARTICLE IX
These revised articles shall supersede all previous articles and amendments thereto, and upon filing and recording in the manner prescribed in the statutes, shall become conclusive evidence of the existence of the cooperative.
 
ARTICLE X
No part of the earnings of this corporation will inure to the benefit of private shareholders or individuals, except that the corporation shall be authorized to pay reasonable compensation for services rendered.
No activities of the corporation shall attempt to influence legislation except as may be permitted under provisions of the Internal Revenue Code of 1954 (or the corresponding provision of any future United States Internal Revenue Law).
This corporation is dedicated to exclusively charitable, scientific, literary, and educational purposes, and, in the event of dissolution, any remaining assets shall be distributed to organizations which shall at that time qualify as exempt organizations under Section 501 (c)(3) of the Internal Revenue Code of 1954 (or the corresponding provision of any future United Stated Internal Revenue Law).
Notwithstanding any other provisions of these articles, the corporation shall not carry on any activities not permitted to be carried on by:
 
o A corporation exempt from Federal income tax under Section 501 (c)(3) of the Internal Revenue Code of 1954 (or the corresponding provision of any future United Stated Internal Revenue Law). or
 
o A corporation, contributions to which are deductible under Section 170 (c)(2) of the Internal Revenue Code of 1954 (or the corresponding provision of any future United Stated Internal Revenue Law). The corporation shall not participate to any extent in a political campaign for or against any candidate for public office.