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<br />The board shall consider the committee's recommendations <br />and by majority vote determine what resolutions will be <br />presented to the membership for its consideration of approval <br />at its annual meeting. Only the resolutions approved by a <br />majority vote of the members present at said annual meeting <br />will be processed. <br /> <br />VII FINANCES <br /> <br />SECTION I. Funds. Funds for the activities of the <br />association shall be provided by the annual membership fees <br />and other fees as may be implemented by the board. Activities <br />of the association may also be financed by funds paid to the <br />association by states, municipalities, legal subdivisions or <br />agencies thereof or others. <br />SECTION II. Private Foundation Status Protection. <br />Despite anything in these bylaws to the contrary: <br />(a) The association shall distribute its.income for each taxable <br />year at such time and in such manner as not to become subject <br />to tax on undistributed income imposed by Section 4942 of <br /> <br />the Internal Revenue Code of 1954 or corresponding <br />provisions of any subsequent federal tax laws. <br />(b) The association shall not engage in any act self-dealing as <br />defined in Section 4941 (c) of the Internal Revenue Code of <br />1954 or corresponding provisions of any subsequent federal <br />tax laws. <br />(c) The association shall not retain any excess business holding <br />as defined in Section 4943 (c) of the Internal Revenue Code <br />of 1954 or corresponding provisions of any subsequent federal <br />tax laws. <br />(d) The association shall not make any investments in such <br />manner as to subject it to tax under Section 4944 of the <br />Internal Revenue Code of 1954 or corresponding provisions <br />of any subsequent federal tax laws. <br />(e) The association shall not make any taxable expenditures as <br />defined in Section 4945 (d) of the Internal Revenue Code of <br />1954, or corresponding provisions of any subsequent federal <br />tax laws. <br /> <br />Colorado River Waters Users Association <br /> <br />EVERYTHING YOU EVER WANTED TO KNOW ABOUT THE <br />COLORADO RIVER...AND MORE...IS NOW AT YOUR FINGERTIPS. <br />VISIT OUR WEB SITE <br /> <br />~ttp:llcrwua.mwd.dst.ca. us <br /> <br />Colorado River Water <br />Users Association <br /> <br />Post Office Box 1058 <br />Coach ella, CA 92236 <br /> <br />~v~ <br /> <br />P. 16 I CRWUA 1999 Annual Report <br />