We hereby associate to form a nonstock corporation under the provisions of Chapter 2 of Title 13.1 of the Code of Virginia, and to that end set forth the following:
(A) The name of the corporation is Tidewater’s Future, Inc.
(B) The corporation is organized for the purpose of assisting the citizens of the Tidewater area of Virginia (as defined from time to time by the corporation’s bylaws) to recognize, identify, and enhance the assets of the World’s largest natural seaport and its surrounding areas, and to develop Tidewater to its fullest potential.
(C) The corporation shall have all powers provided by Virginia Code, but shall be operated exclusively for charitable, scientific and educational purposes including the support of its charitable, scientific, educational and research programs. No part of the net earnings of the corporation shall inure to the benefit of, or be distributable to, its directors, officers or other private person, except that that corporation shall be authorized to pay reasonable compensation for services rendered and to make payments and distributions in furtherance of the purposes set forth above. 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 in any political campaign (including the publishing or distribution of statements) 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 by any corporation 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)
If the corporation should be dissolved, its assets shall be applied exclusively to such organization or organizations organized and operating exclusively for charitable, scientific or educational purposes as shall at the time qualify as an exempt organization or organizations under Section 501(c) (3) of the Internal Revenue Code of 1954 (or the corresponding provision of any future United States Internal Revenue law) as the Board of Directors may determine.