National Constitution Article XXIII
ARTICLE XXIII: DISSOLUTION
Section 1: National Fraternity
In the event of dissolution of Phi Sigma Pi National Honor Fraternity, either by operation of the law or by action of the Grand Chapter, after the payment of all creditors, Phi Sigma Pi's assets shall be distributed to a nonprofit corporation organized and operated exclusively for charitable and educational purposes which shall have as the organization's purpose those objectives most similar to those of Phi Sigma Pi, and which shall have been qualified as tax-exempt under the United States Internal Revenue Code.
Section 2: Dissolution of a Chapter
In the event of dissolution of a Chapter of Phi Sigma Pi National Honor Fraternity, either by operation of the law, action of the sheltering institution, action of the National Council, or action of the Grand Chapter, after the payment of all creditors, the Chapter's assets shall be distributed to the National Office as a donation to the Phi Sigma Pi National Honor Fraternity for use in the Richard Cecil Todd and Claude Pennock Todd Tripod Scholarship fund. Phi Sigma Pi does not undertake the liabilities of the Chapter in the event of the Chapter’s dissolution.
|Note: The National Constitution provided on the Phi Sigma Pi wiki is for informational purposes only, and may not accurately represent the current National Constitution in effect when this page is viewed. The official version of the National Constitution is maintained by Phi Sigma Pi on the National Website.|
|Article I · Article II · Article III · Article IV · Article V · Article VI · Article VII · Article VIII · Article IX · Article X · Article XI · Article XII · Article XIII · Article XIV · Article XV · Article XVI · Article XVII · Article XVIII · Article XIX · Article XX · Article XXI · Article XXII · Article XXIII · Article XXIV · Article XXV|