Article XIII: Dissolution
The University of Arkansas Fort Smith Foundation, Inc., Board of Directors shall have
the irrevocable power and authority by majority vote at any regular or called meeting
of said Board to unilaterally cause the dissolution of this corporation in accordance
with the laws of Arkansas.
Upon the dissolution of the Foundation, all of its assets remaining after payment
of all costs and expenses of such dissolution shall be distributed to the Board of
Visitors of the University of Arkansas 鈥� Fort Smith for the exclusive use and benefit
of the University of Arkansas 鈥� Fort Smith or any successor thereto which qualifies
as a tax-exempt organization under the provisions of Section 501 (c) (3) of the Internal
Revenue Code of the United States of America or acts amendatory thereof or supplementary
thereto. Any of such assets not so disposed of shall be disposed of by the Circuit
Court of the Fort Smith District of Sebastian County, Arkansas, exclusively for such
purposes or to such organization or organizations as said Court shall determine, which
are organized and operated exclusively for such purposes. Upon dissolution of the
Foundation, none of the assets shall be distributed to any member, director, or officer
of the Foundation.
Revised and approved by The University of Arkansas Fort Smith Foundation, Inc. Board
of Directors this 2nd day of November, 2017.