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The NICE Bylaws
Article 11: Prohibition against sharing corporate profits and
assets
- 11.1 Amendment of articles before admission of
members
- Section 11.1 Prohibition against sharing corporate profits and
assets
- No Member, Director, officer, employee, or other person
connected with NICE, or any private individual, shall receive at
any time any of the net earnings or pecuniary profit from the
operations of NICE, provided, however, that this provision shall
not prevent payment to any such person of reasonable compensation
for services performed for NICE in effecting any of its public or
charitable purposes, provided that such compensation is otherwise
permitted by these Bylaws and is fixed by resolution of the Board
of Directors; and no such person or persons shall be entitled to
share in the distribution of, and shall not receive, any of the
corporate assets on dissolution of NICE. All members of NICE shall
be deemed to have expressly consented and agreed that on such
dissolution or winding up of the affairs of NICE, whether
voluntarily or involuntarily, the assets of NICE, after all debts
have been satisfied, shall be distributed as required by the
Articles of Incorporation of NICE and not otherwise.
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