Presumption of Charitable Intent Bylaws

Each fund of the corporation shall be presumed to be intended

(a) to be used only for charitable purposes,

(b) to be productive of a reasonable rate of investment return over a reasonable period of time which (except during the period referred to in Section 4 of this Article Seven) is to be distributed in accordance with such policies as the Board of Directors may prescribe from time to time or, if accumulated, is to be accumulated only in a reasonable amount and for a reasonable period for a charitable purpose or purposes, and

(c) to be used only for such of those purposes and in such manner as not to disqualify the gift from deduction as a charitable contribution, gift, or bequest in computing any federal income, gift, or estate tax of the donor or his or her estate and not to disqualify the corporation from exemption from federal income tax as a qualified charitable organization described in sections 501(c)(3) and 509(a)(1) of the Internal Revenue Code, and shall not be otherwise applied.

If a direction by the donor, however expressed, would, if followed, result in use contrary to the intent so presumed, or if the Board of Directors is advised by counsel that there is substantial risk of such result, the directions shall not be followed, but shall be varied by the Board of Directors so far as necessary to avoid such result. However, if the donor has clearly stated that compliance with the direction is a condition of the gift, then the gift shall not be accepted unless an appropriate judicial or administrative body first determines that the condition and direction need not be followed. Reasonable charges and expenses of counsel for such advice and proceedings shall be proper expenses. For purposes of these bylaws, “charitable purposes” include charitable, educational, religious, scientific, literary, cultural, civic, public and other purposes contributions for which are deductible under section 170(c)(1) or (2), section 2055(a)(1) or (2), or section 2522(a)(1) or (2) of the Internal Revenue Code; and “qualified charitable organization” means an organization which is described in section 170(c)(1) or (2), section 2055(a)(1) or (2), or section 2522(a)(1) or (2) of the Internal Revenue Code.