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LEGAL DOCUMENTATION

CORPORATE BY LAWS​

 

The Corporate By Laws were amended to provide additional assurances that some collaborative institutions wanted to be formally adopted. These assurances include: the promotion of science and curation of fossil collections (the "Fossil
Collections") through the following: (i) the preservation of fossils, and the curation of such fossils in an indoor facility, (ii) providing the scientific community and museums with access to the Fossil Collection for exhibition, study and education, including providing public access to type and figured specimens as well as specimens listed or individually cited in publications and other scientifically important specimens; (iii) provide for a succession plan for carrying out the Foundation's core functions and mission; and (iv) provide for succession of ownership of the Fossil Collection with the goals of donating the Fossil Collection to a public museum or public depository as determined by the Board of Directors from time to time to insure the continued permanent access to the Fossil Collection by the scientific community (the "Foundation's Primary Purpose" and, more generally, its "501(c)(3) Exempt Purposes".


The Foundation will not dispose of any type, figured specimens or specimens listed or cited in publications. Scientifically significant specimens currently in the Fossil Collection or donated to the Foundation have the same status as type or figured material. The Foundation reserves the right to dispose of certain specimens, at the discretion of the Board of Directors, that are not considered scientifically significant and have not been cited in publications.

SUCCESSION PLAN

 

One major concern was the limited number of individuals supporting the Foundation. What happens if the Lauer’s cannot continue supporting the Foundation? As a result, the Board of Directors adopted a succession Plan to address these issues. This plan clearly lays out what happens if the Board of Directors is incapacitated.

DESIGNATION OF SUCCESSOR CURATOR​


As part of the Succession Plan the Corporate Board thought it was appropriate to designate a default depository in case of a catastrophic event to the Board of Directors. This depository is designated by the Board until such time it is amended by the Board. At this point the depository is not notified as the Board may change its mind depending on the circumstances. In any case the By Laws require the collection to be deposited to a “Public Museum” at some point.