1. No substantial part of the activities of the Association shall be the carrying on of propaganda, or otherwise attempting to influence legislation [except as otherwise provided by Section 501(h) of the Internal Revenue Service Code], and the Association 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 provisions of these bylaws, the Association shall not carry on any activities not permitted to be carried on:
by a corporation exempt from federal income tax under Section 501(c)(3) of the Internal Revenue Code, or
by a corporation, contributions to which are deductible under Section 170(c)(2) of the Internal Revenue Code.
2. No part of the net earnings of the Association shall inure to the benefit of, or be distributed to, its members, directors or trustees, officers, or other private persons, except that the Association shall be authorized and empowered to pay reasonable compensation for services rendered and to make payments and distributions in furtherance of the purposes of the Association.
3. Upon dissolution of the Association, its assets remaining after payment, or provision for payment of all debts and liabilities of the Association, shall be distributed for one or more exempt purposes within the meaning of Section 501(c)(3) of the Internal Revenue Code or shall be distributed to the federal government or to state or local government, for public purpose. Such distribution shall be made in accordance with all applicable provisions of the laws of Vermont.
4. In any taxable year in which the Association is a private foundation as described in Section 509(a) of the Internal Revenue Code, the Association:
shall distribute its income for said period at such time and manner as not to subject it to tax under Section 4942 of the Internal Revenue Code;
shall not engage in any act of self-dealing as defined in Section 4941(d);
shall not retain any excess business holdings as defined in Section 4943(c) of the Internal Revenue Code;
shall not make any investments in such manner as to subject the Association to tax under Section 4944 of the Internal Revenue Code; and
shall not make any taxable expenditures as defined in Section 4945(d) of the Internal Revenue Code.