HomeMy WebLinkAboutA003 - Articles of Incorporation of Somerset Town Home Association ARTICLES OF INCORPORATION
OF
SOMERSET TOWN HOME ASSOCIATION
TO THE SECRETARY OF STATE OF THE STATE OF IOWA:
Pursuant to Iowa Nonprofit Corporation Act§504A.29,the undersigned adopts
the following Articles of Incorporation:
ARTICLE I
NAME
The name of the corporation is:
Somerset Town Home Association
ARTICLE II
DURATION
The period of duration for the corporation is perpetual. The existence of this
corporation shall commence at the time and date of filing of these Articles of Incorporation
with the Secretary of State of the State of Iowa.
ARTICLE III
PURPOSE
The purpose and objectives for which this corporation is organized is to
promote the health, safety and welfare of the residents of Somerset Subdivision, Story
County, Iowa, including but not limited to:
Maintenance of all public walks, bike paths, public parking, signs, street lights
on private streets, lawn maintenance and snow and ice removal on all private
streets, walks, alleys and parking. The Association shall also be responsible
for roof replacement and repair, siding replacement and repair and painting
of all exterior trim on building and garage. Each owner shall be responsible
for all other maintenance, repair and replacement of all improvements,
including private walks, fences and garden walks. It shall be owners'
responsibility to provide an exterior light in each garage fronting on an alley.
Maintenance and electricity of such light from dusk until dawn shall be the
responsibility of the owner. Planting and flowers are the responsibility of the
owner.
ARTICLE IV
REGISTERED OFFICE AND REGISTERED AGENT
The street address of the corporation's registered office in Iowa is 105 S. 16th
Street, Ames, Iowa 50010, and the name of its initial registered agent is Erben A.
Hunziker.
ARTICLE V
PERSONAL LIABILITY OF DIRECTORS
Directors shall not be personally liable to the corporation or its shareholders
and shall be indemnified by the corporation for all claims or liabilities, including the
defense of such claims or liabilities, that may be brought against an individual Director by
virtue of their being a Director of this corporation, except as may be specifically limited by
provisions of the Iowa Business Corporation Act.
ARTICLE VI
INCORPORATORS
The name and address of each incorporator of the corporation is:
Incorporator Address
Erben A. Hunziker 105 S. 16th Street
Ames, IA 50010
Donald M. Furman 803 24th Street
Ames, IA 50010
Reinhard K. Friedrich 6th Street & Duff Avenue
Ames, IA 50010
ARTICLE VII
No part of the net earnings of the corporation shall inure to the benefit of,
or be distributable to the benefit of, or be distributable to its members, trustees, officers,
or other private persons, except that the corporation shall be authorized and empowered
to pay reasonable compensation for services rendered and to make payments and
distributions in furtherance of the purposes set forth in these Articles. No substantial part
of the activities of the corporation shall be the carrying on of propaganda, or otherwise
attempting to influence legislation, and the corporation shall not participate in, or intervene
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in (including the publishing or distribution of statements) and political campaign on behalf
of any candidate for public office. Notwithstanding any other provision of these articles,
the corporation shall not carry on any other activities not permitted to be carried on (a) by
a corporation exempt from federal income tax under section 501(c)(3) of the I.R.C. or (b)
by a corporation, contributions to which are deductible under section 170(c)(2) of the
I.R.C.
ARTICLE VIII
DISSOLUTION
On the dissolution of the corporation, the Board of Directors shall, after
paying or making provision for the payment of all of the liabilities of the corporation,
dispose of all of the assets of the corporation exclusively for the purposes of the corporation
in such manner or to such organization or organizations organized exclusively for charitable,
educational, religious, or scientific purposes as shall qualify as an exempt organization or
organization under Section 501(c)(3) of the Internal Revenue Code as the Board of
Directors shall determine. Any such assets not so disposed shall be disposed of by the Iowa
District Court in the county in which the principal office of the corporation is then located,
exclusively for such purposes or to such organization or organizations and operated
exclusively for such purposes.
Dated this day of 1998.
2✓i- "fir ) __
Erben A. Hunziker, Incorp rator
41 -
'11)onald-M. urman, Incorporator
IV,
Rei4Kard K. Friedri , corp rator
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