Cherokee Country Club Foundation

The corporation is organized exclusively for charitable, educational and scientific purposes within the meaning of section 501(c)(3) of the internal revenue code of 1986, as amended (the "code"), including, for such purposes but without limitation, the making of distributions to organizations that qualify as exempt organizations under code section 501(c)(3), the making of distributions to individuals for disaster relief and for education, and the acquisition and retention of assets that further the charitable, educational and scientific purposes of the corporation, and the corporation may engage in any activity, and exercise any and all powers, rights and privileges, afforded a nonprofit corporation under the act, to the extent not inconsistent with code section 50l(c)(3).