(A) No part of the net earnings of the Economic Development Corporation shall inure to the benefit of any member, trustee, officer or director of the Corporation, or any private individual (except that in case of private individuals reasonable compensation may be paid for services rendered to or for the Corporation affecting one or more of its purposes), and no member, trustee, officer or director of the Corporation or any private individual shall be entitled to share in the distribution of any of the corporate assets on dissolution of the Corporation. Directors of the Corporation shall serve without salary, but may be reimbursed their actual expenses incurred in the performance of their official duties, and may receive a per diem in an amount set by the City Council. No substantial part of the activities of the Corporation shall be the carrying on of propaganda, or otherwise attempting to influence legislation, and the Corporation shall not participate in or intervene in (including the publication or distribution of statements) any political campaign on behalf of any candidate for public office.
(B) Upon the dissolution of the Corporation or the winding up of its affairs, all property and assets of the Corporation shall be distributed exclusively to the city or its successor.
(‘68 Code, § 2-1410) (Ord. 517, passed 7-18-77)