Examples of IRC in a sentence
Upon dissolution, all assets remaining after the payment of all liabilities (including any insurance claim and payments due on any surplus note) shall be distributed in equal proportions exclusively to the Members which, on the date of the Liquidating Distribution, are organizations described in I.R.C. § 501(c)(3) and exempt from federal income tax under I.R.C. § 501(a).
The LLC shall make no Distribution of any type to any Member, or former Member, that has ceased to be an organization described in I.R.C. § 501(c)(3).
Any Member which has its determination by the Internal Revenue Service that it is an organization described in I.R.C. § 501(c)(3) revoked shall immediately notify the Manager of such revocation and the effective date of such revocation, but regardless of whether or not notice is given, such Member ceases to be a Member of the LLC upon the date of the announcement of such revocation in the Internal Revenue Bulletin.
The purpose of the LLC is exclusively to operate as a qualified charitable risk pool pursuant to I.R.C. § 501(n), organized and operated to pool and insure the insurable risks of Members and to provide information to Members with respect to loss control and risk management.
If there are no Members on the date of the Liquidating Distributions, then payment shall be made to former Members which are organizations described in I.R.C. § 501(c)(3) and exempt from tax under I.R.C. § 501(a) on the date of the Liquidating Distribution and which were Members on the date of the completion of the vote by the Members to dissolve, or to those former Members specified in a court or other governmental order for the dissolution.