The following is the text of the approved amendment to the club's By-Laws.
This amendment is the result of the updating of our IRS status and a requirement by the IRS that we specify how any club assets would be dealt with in the event the club was dissolved.
Text of amendment:
Dissolution of the Organization
the time of dissolution, funds in the treasury will be distributed to
charities supported in the last calendar year, according to the
percentages given to each charity in that year. Items
of non-monetary or sentimental value, such as photos, plaques,
certificates and mementoes will be distributed to club members. It is not the vision of Vets with Vettes and Corvette Owners Association to acquire club property in the future. If
a decision is made to acquire items of monetary value, an amendment to
the By-Laws stating the distribution of these assets will be approved
and filed prior to acquiring the assets.