Upon dissolution of the corporation, the assets, both real and personal of the corporation, shall be dedicated to an appropriate public body, to be devoted to purposes as nearly as practicable the same as those to which they were required to be devoted by the corporation. In the event that such dedication is refused acceptance, such assets may be granted, conveyed and assigned to any non-profit corporation, association, trust or any other organization to be devoted to purposes as nearly practicable the same as those to which they were required to be devoted by the corporation. No such disposition of Association properties shall be effective to divest or diminish any right or title of any member vested in him under said Declaration of Covenants and deeds applicable to The Properties unless made in accordance with the provisions of such Covenants and deeds.
These articles may be amended in accordance with the law, provided that the voting and quorum requirements specified for any action under any provision of these Articles, shall apply also to any amendment of such provision, and provided further that no amendment shall be effective to impair or dilute any rights of members which are governed by said Declaration of Covenants, and provided further that no amendment shall be effective which shall provide that this Association shall be other than non-profit. Notwithstanding the above, no amendments shall be made in these articles in the first year of the corporation's existence except by a two-thirds (2/3) majority of all eligible voters and the prior approval of the Department of Housing and Urban Development.