Which of the Following Would Not Be Required Under Not-For-Profit

question 52

Multiple Choice

Which of the following would not be required under not-for-profit incorporation laws?

• A) Appointment of a board of directors.
• B) Establishment of by-laws.
• C) A clearly stated purpose for the organization.
• D) Application for 501(c)(3) status.

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Definitions:

Purchase-Money Security Interest

A security interest or claim on property that secures repayment of the money used to purchase the property, commonly seen in secured transactions.

Financing Statement

A document filed to give public notice of a security interest in personal property, securing payment or performance of an obligation.

Chattel Paper

A document or electronic record indicating both a monetary obligation and a security interest in or a lease of specific goods.

Monetary Obligation

A required payment of money owed by one party to another, typically defined by the terms of a contract or agreement.