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TMS Bylaws: Article III. Funds



Section 1.
Except as may be provided otherwise in the Articles of Incorporation, the Administrative Manual or elsewhere in these Bylaws, the expenditure of funds received by the Society shall first be authorized by the Board of Directors of the Society.

Section 2.
The dues shall be established by the Board of Directors of the Society. Sanctions for non-payment of dues shall be as prescribed in the Administrative Manual.

Section 3.
Special dues or assessments in addition to the regular dues of the Society shall be fixed by the Board of Directors of the Society.

Section 4.
Upon dissolution of the Society, the Board of Directors shall, after paying or making provision for payment of all liabilities of the Society, distribute all of the assets of the Society to such organization or organizations, organized and operated exclusively for charitable, educational, or scientific purposes, as shall at the time qualify as an organization or organizations exempt from federal income tax under Section 501(c)(3) of the Internal Revenue Code, as the Board of Directors shall determine.


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