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ARTICLE V – PROPERTIES & FINANCIAL TRANSACTIONS

 

 

 

 

 

 

A. PROPERTIES

1. Titles. The title to all property of this church, both real and personal, shall be and remain vested in that portion of the regular Christian worshipers and supporters of her who remain faithful to the original purpose as stated in Article II of the Constitution and Bylaws.

 

2. Acquisition and Sale of Property

a. The church shall have the power to acquire and hold property, both real and personal, for the general purpose of the church. All property so acquired shall be in the name of the church.

a.    Any sale, mortgage, or transfer of real and personal property valued in excess of $2000.00 shall be approved first by a two-thirds (2/3) majority vote of the regular Christian worshipers present at a regularly called business meeting.

 

3. Use of Property. All properties belonging to the church shall be available to the regular worshipers for purposes consistent with the ministry of the church, subject to regulation by the Church Council.

 

4. Dissolution. "Upon the dissolution of the Church of the Living Christ of Loysville, the Church Council, after paying or making provisions for the payment of all of the liabilities of the church, shall dispose of all the assets of the church in such a manner, or to such organizations organized and operated exclusively for charitable, education, religious, or scientific purposes as shall at the time qualify as an exempt organization(s) under section 501c(3) of the Internal Revenue Code of 1954 (or corresponding provision of any future United States Internal Revenue Law), as the Church Council shall determine. Any such assets not so disposed of shall be disposed of by the Court of Common Pleas of the county in which the principal office of the corporation/organization is then located, exclusively for such purposes as said Court shall determine, which are organized and operated exclusively for such purposes."

 

B. FINANCIAL TRANSACTIONS

1. All financial transactions of $2000.00 or less are subject to the approval of the Church Council. The Council may delegate authority in certain areas to others in the church, but the Council always holds the final authority.

2. Any individual transaction involving a value in excess of $2000.00 shall be approved first by a two-thirds (2/3) majority vote of the regular Christian worshipers present at a regularly called business meeting.