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The purpose for which the Corporation is organized is to assist the Puntas Ward community of the Municipality of Rincón, Puerto Rico, in the development of infrastructure necessary for the provision of reliable, clean, potable water to its community members and to engage in any other lawful act or activity for which corporations may be organized under the Act, as amended from time to time, provided that all such lawful acts or activities shall be exclusively in furtherance of its charitable purposes, including, for such purposes, the making of distributions to organizations under as defined in section 501(c)(3) of the United States Internal Revenue Code of 1986, as amended (the “US Code”), or the equivalent section of any future federal tax code, and section 1101.01 of the Puerto Rico Internal Revenue Code of 2011, as amended (the “PR Code”), or the equivalent section of any future Puerto Rico tax code.
The Corporation is not organized for pecuniary profit nor shall it have any power to issue capital stock or declare dividends. No part of the net earnings of the Corporation shall inure to the benefit of, or be distributable to its members, directors, officers, or other private persons, except that the Corporation shall be authorized and empowered to pay reasonable compensation for services rendered and to make payments and distributions in furtherance of the purposes set forth herein. The balance, if any, of all moneys received by the Corporation from its operations, after payment in full of all its debts and obligations, shall be used and distributed exclusively for carrying out the purposes set forth herein and in furtherance of the charitable purposes set forth in section 501(c)(3) of the US Code, or the equivalent section of any future federal tax code, and section 1101.01 of the PR Code, or the equivalent section of any future Puerto Rico tax code.
No substantial part of the activities of the Corporation shall constitute the carrying on 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, or in opposition to, any candidate for public office.
Notwithstanding any other provision of this Certificate of Incorporation, the Corporation shall not:
(a) carry on any other activities not permitted to be carried on by a corporation that is exempt from federal income tax under section 501(c)(3) of the US Code, or the equivalent section of any future federal tax code;
(b) carry on any other activities not permitted to be carried on by a corporation that is exempt from Puerto Rico income tax under section 1101.01 of the PR Code, or the equivalent section of any future Puerto Rico tax code;
(c) make contributions which are deductible under section 170(c)(2) of the US Code, or the equivalent section of any future federal tax code, and section 1033.15(3) of the PR Code, or the equivalent section of any future Puerto Rico tax code.
Upon the dissolution of the Corporation, all of its assets remaining after payment or provision for payment of all its debts and liabilities shall be distributed exclusively to one or more charitable organizations which would qualify under the provisions of section 501(c)(3) of the US Code, or the equivalent section of any future United States tax code, and Section 1101.01 of the PR Code, or the equivalent section of any future Puerto Rico tax code.
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