Article XIII: Dissolution

The University of Arkansas Fort Smith Foundation, Inc., Board of Directors shall have the irrevocable power and authority by majority vote at any regular or called meeting of said Board to unilaterally cause the dissolution of this corporation in accordance with the laws of Arkansas.

Upon the dissolution of the Foundation, all of its assets remaining after payment of all costs and expenses of such dissolution shall be distributed to the Board of Visitors of the University of Arkansas – Fort Smith for the exclusive use and benefit of the University of Arkansas – Fort Smith or any successor thereto which qualifies as a tax-exempt organization under the provisions of Section 501 (c) (3) of the Internal Revenue Code of the United States of America or acts amendatory thereof or supplementary thereto. Any of such assets not so disposed of shall be disposed of by the Circuit Court of the Fort Smith District of Sebastian County, Arkansas, exclusively for such purposes or to such organization or organizations as said Court shall determine, which are organized and operated exclusively for such purposes. Upon dissolution of the Foundation, none of the assets shall be distributed to any member, director, or officer of the Foundation.

Revised and approved by The University of Arkansas Fort Smith Foundation, Inc. Board of Directors this 2nd day of November, 2017.