DISTRIBUTION OF ASSETS

A.    No part of the assets of the organization shall benefit or be distributable, to its members, directors, officers or other private persons, except that the organization shall be authorized and empowered to pay reasonable compensation for services rendered and to make payments and distributions in furtherance of the objectives in Article II above. The organization shall not carry on any activities not permitted by (a) an organization exempt from Federal income tax under section 501(c)(3) of the Internal Revenue Code of 1954 (or the corresponding provision of any future United States Internal Revenue Law); (b) an organization, contributions to which are deductible under Section170(c)(2) of the Internal Revenue Code of 1954 (or the corresponding provision of any future United States Internal Revenue Law).

B.    If this organization is dissolved, the Board of directors, shall, after paying or making provision for the payment of all of the liabilities of the organization, dispose of all of the assets of the organization, exclusively for the objectives of the organization in such manner, or to such other organization or organizations, organized and operated exclusively for Jewish charitable, educational, religious, or scientific purposes as shall at the time qualify as an exempt organization or organizations under Section 501(c)(3) or 170(c)(2) of the Internal Revenue Code of 1954 (or the corresponding provision of any future United States Internal Revenue Law), as the Board shall determine. Any such assets not so disposed of, shall be disposed of by the court of general jurisdiction of the county in which the principal office of the Jewish Residents of Leisure World, Inc. is then located, in accordance with the sense of this provision.