The mission of Underwater Historical Explorations is to promote and participate in the underwater research, search, investigation and salvage of underwater wreck sites of significant historical value.
Our primary goal is to gather and retrieve information of historic value of each wreck and wreck site in a professional and lawful manner. The excavation and salvage of each site including the retrevial of artifacts and cargo will be accomplished consistent with our goals of advancing and confirming written history of these sites; also to seek out historically known but as of yet undiscovered wrecks.
Article 5, For Underwater Historical Exploration Company, LTD
Article 5A: No part of the net earnings of the corporation shall inure to the benefit of or the distributable to its members, trustees, officers or other private persons, except that the corporation shall be authorized and empowered to pay reasonable compensation for services rendered and to make payments and distributions in furtherance of the purposes set forth in Article 4 thereof. No substantial part of the activities of the corporation shall be carrying on of propaganda, or otherwise attempting to influence legislation, and the corporation shall not participate in, or intervene in (including the publishing or distribution of statements) any political campaign on behalf of or in opposition to any candidate for public office. Notwithstanding any other provision of this articles, the corporation shall not carry on any other activities not permitted to be carried on (a) by a corporation exempt from federal income tax under section 501(c)(3) of the Internal Revenue Code, or the corresponding section of any future federal tax code, or (b) by a corporation, contributions to which are deductible under section 170(c)(2) of the Internal Revenue Code, or the corresponding section of any future federal tax code.
Article 5B: Upon the dissolution of the corporation, assets shall be distributed for one or more exempt purposes within the meaning of section 501(c)(3) of the Internal Revenue Code, or the corresponding section of any future federal tax code, or shall be distributed to the federal government, or to a state or local government, for a public purpose. Any such assets not so disposed of shall be disposed of by a Court of Competent Jurisdiction of the County in which the principal office of the corporation is located, exclusively for such purposes or to such organization or organizations, as said Court shall determine, which are organized and operated exclusively for such purposes.