National Constitution Article XXIV

Article Summary: Article XXIV of the National Constitution provides for the dissolution of the National Fraternity, Collegiate Chapters and Alumni Chapters.

ARTICLE XXIV: 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 Clauda Pennock Todd Tripod Scholarship fund. Phi Sigma Pi does not undertake the liabilities of the Chapter in the event of the Chapter’s dissolution.