Article Fifteen: Tax Status
Pursuant to section l44.030.2 (20), RSMO State of Missouri, the SAMC MFLWC is established as a non-profit corporation and shall act and perform to that end, set forth as follows:
The SAMC MFLWC is organized to receive and maintain real or personal property, or both, and, subject to the restrictions and limitations hereinafter set forth, to use and apply the whole or any part of the income therefore and principle thereof exclusively for charitable, ‘religious, scientific,’ literary, or educational purposes either directly or by contributions to organizations under Section 501 (c)(3) of the Internal Revenue Code and Regulations issued pursuant thereto as they now exist or as they may hereafter be amended.
As defined by the Internal Revenue Code of 1954, Sections 4941 (d), 4942 / 4943(c) and 4944 / 4955(d) or corresponding provisions of any subsequent federal tax laws, the SAMC MFLWC shall:
Distribute its income for each taxable year at such time and in such manner as not to become subject to tax of undistributed income.
Not retain any excess business holdings.
Not engage in any act of self-dealing.
Not make any investment in such manner as to subject it to tax.
Not make any taxable expenditure.
Not withstanding any other provision the SAMC MFLWC shall not carry on any other activities not permitted to be carried on by an activity:
Exempt from Federal income tax under Internal Revenue Code 501 (c)(3) or the corresponding provision of any future United States Internal Revenue Law,
Whose contributions are deductible under Section 170(c)(2) of the Internal Revenue Code of 1954, or the corresponding provision of any future United States Internal Revenue Law.