Rangely Development Corporation (RDC)
The Corporation is organized and operates for charitable purposes within Section 501 (c) (3) of the Internal Revenue Code of 1954 and any corresponding provision of subsequent laws. The Corporation will relieve economic distress and prevent community deterioration through assisting and promoting growth and development of business concerns in the Western portion of Rio Blanco County, the boundaries of said area being identical to the boundaries of the Rangely School District RE-4. Further, the objects will be to do or perform any or all acts, engage in any activity, or do and perform any other activity not prohibited by laws of the State of Colorado, as may, from time to time, be provided by the Bylaws of this Corporation.
No part of the net earnings of the Corporation shall inure to the benefit of or be distributable to its members, trustees, or other private persons, except that the Corporation shall be authorized and encumbered to pay reasonable compensation for services rendered, and to make payments and distributions for furtherance of the purposes set forth in Article Three hereof. No substantial part of the activities of the Corporation shall be the carrying of propaganda or otherwise attempting to influence legislation, and the Corporation shall not participate in, or intervene in (including the publishing or distribution of statements) any political campaign on behalf of any candidate for public office. Notwithstanding any other provisions of these Bylaws, the Corporation shall not carry on any other activities not permitted to be carried on (a) by 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 States Internal Revenue law).
Upon the dissolution of the Corporation, the Board of Directors shall, after paying or making provision for the payment of all the liabilities of the Corporation, dispose of all the assets of the Corporation exclusively for the purposes of the Corporation or shall distribute such assets exclusively for charitable, educational, religious, or scientific purposes as shall at the time qualify as an exempt organization or 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), in such manner as the Board of Directors shall determine. Any such assets not so disposed of shall be disposed of by the District 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.