National Constitution Article XXIV

ARTICLE XXIV: DISSOLUTION

Section 1

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

1. 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, vote of the Chapter, 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 Clauda Pennock Todd Tripod Scholarship fund as the Chapter may specify.
2. Only if the Chapter voluntarily dissolves may the Chapter request that a minimum of seventy-five percent (75%) of the funds sent to the National Office be considered as a donation to the Richard Cecil Todd and Clauda Pennock Todd Tripod Scholarship and the remaining amount of the funds be placed in an interest-bearing account for the future reactivation of the Chapter. Phi Sigma Pi does not undertake the liabilities of the Chapter in the event of the Chapter's dissolution.

Section 3

If an Alumni Chapter dissolves, then one hundred percent (100%) of the funds will be sent to the National Office to be considered as a donation to the Richard Cecil Todd and Clauda Pennock Todd Tripod Scholarship.