Monhegan Associates, Inc. is organized exclusively for charitable, educational and scientific purposes as defined under section 501(c)(3) of the Internal Revenue Code, or corresponding section of any future federal tax code, as follows:
- (a) To preserve for posterity the natural wild beauty, biotic communities, and desirable natural, artificial, and historic features of the so-called “wild-lands” portions of Monhegan Island, Maine, and its environs, as well as the simple, friendly way of life that has existed on Monhegan as a whole.
- (b) To collect, collate, maintain, and preserve for posterity, records and archives respecting the flora, fauna, and human inhabitants and sojourners on said island, and to make the same publicly available for educational, literary, scientific, and historical research, study, and consultation.
- (c) To take and hold by purchase, gift, devise, bequest, or otherwise, lands and other real property and personal property, to the extent permitted by statute; and to dispose thereof only for the purposes for which this corporation was organized.
- (d) To pay voluntarily its fair share of the expenses of Monhegan Plantation, whether or not this corporation shall be legally exempt from taxation.
- (e) To use for the charitable support of nature-conservation projects elsewhere, such of this corporation’s funds and accumulated net income as may be judged by at least seven-ninths of this corporation’s Trustees to be in excess of amounts that should be prudently held in connection with the other stated purposes of this corporation.
- (f) To adopt and be governed by by-laws, not inconsistent with law or with the foregoing purposes; which by- laws shall provide for one or more classes of members, the members of which classes shall meet qualifications and requirements, pay such dues and fees, if any, and have such voting power per member, if any, as shall be specified in the including amendments thereto; and which by-laws may be amended only in the manner set forth in the original by-laws or in proper amendments thereto.