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General Information
Primitive Methodist Investment Foundation (Articles of Incorporation) |
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| ARTICLE I The name of this corporation shall be “The Primitive Methodist Investment Foundation.” ARTICLE II The location and post office address of its initial registered office with the Commonwealth is 310 Steele Road, Feasterville, Bucks County, Pa. 19047. ARTICLE III The names of the incorporators are: (The directors then serving.) Note: See Yearbook of the Primitive Methodist Church for names of present directors. ARTICLE IV The management of the affairs of the corporation shall be vested in its directors. There shall be at least seven such directors, but no more than eleven directors, who shall serve for a period of three years, except, for the initial terms of classes one and two, or until their successors are elected. The directors shall be elected by the Primitive Methodist Church in the United States of America, a nonprofit corporation of the Commonwealth of Pennsylvania, or its successor or successors. If a vacancy occurs before the normal expiration of any, however, the said vacancy may be filled for the unexpired portion of such term by the remaining directors. ARTICLE V The corporation shall be perpetual. ARTICLE VI The corporation will have Fifty Thousand Dollars ($50,000) in personal property with which to begin its corporate functions. ARTICLE VII The directors of this corporation shall constitute the members of the corporation. ARTICLE VIII The corporation is religious in nature, not for profit, and it shall have no capital stock. If the corporation shall dissolve or cease to exist as a legal entity and its charter be terminated, the title to all of its property, both real and personal, shall revert to the Primitive Methodist Church of the United States of America, or its successors and assigns, to be held subject to the laws, usages, and discipline of the Primitive Methodist Church in the United States of America. ARTICLE IX The purpose for which the corporation is formed is to promote and support the religious, missionary and charitable activities of the Primitive Methodist Church in the United States of America by establishing an investment fund to make monies available for such religious, missionary and charitable purposes, to furnish aid and assistance by gift, donation, loan or otherwise, as the directors may deem advisable. ARTICLE X The corporation shall have authority to solicit the investment of funds from persons, agencies, corporations and institutions affiliated with the Primitive Methodist Church in the United States of America and to receive, hold and administer such funds and other property which may be given, transferred, conveyed or entrusted to it in an investment fund or mortgage pool; to issue participation certificates to such investors for their interest in such investment fund or mortgage pool; to invest such funds in mortgage loans to Primitive Methodist Churches or in stocks, bonds or other securities as determined by the directors, without being limited to what are known as legal investments for Fiduciaries under the Laws of the Commonwealth of Pennsylvania, to collect the interest or income therefrom, to pay to investors such interest upon their investments as may be determined by the directors, to purchase, sell, exchange, or otherwise dispose of, pledge, mortgage, or hypothecate, all kinds of stocks, bonds, mortgages, real estate, debentures, trust receipts, notes and other securities, obligations, contracts, chose in action and evidences of indebtedness generally of all corporations, associations, firms, trusts, persons, governments, and other organizations, and to exercise any and all said powers, either on its own account, or as agent or trustee for other persons, firms, corporations, or other organizations. ARTICLE XI The officers who shall manage the corporation shall be elected by the directors at the annual meeting of the corporation. There shall be a President, one or more Vice Presidents, a Secretary, a Treasurer, and such other officers as the directors shall from time to time deem necessary. The duties and authorities of the officers of the corporation shall be set forth in the By-Laws. ARTICLE XII The Board of Directors shall have the power and authority to make, adopt, amend and repeal such By-Laws, rules and regulations as may be necessary or proper for the management, control, and conduct of the affairs and property of the corporation. The By-Laws, rules, and regulations so adopted shall be binding on said corporation until amended in the manner and in the form prescribed therein, provided, none of said By-Laws, rules and regulations shall be contrary to any law of the Commonwealth of Pennsylvania or of the United States, or to any existing or future laws, rules, resolutions, actions or regulations of the Conference of the Primitive Methodist Church. ARTICLE XIII These Articles of Incorporation may be amended in the manner provided by law. |
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