I. This Corporation is organized and shall be operated for the following purposes:

(1) To serve as a homeowners association within the meaning of Section 528 of the Internal Revenue Code of 1954, for residents in the vicinity of Foster's Pond, a Great Pond located in the Town of Andover, and to acquire, construct, manage, maintain and care for the Corporation's association property, including the waters of Foster's Pond, this being the primary purpose of the Corporation;

(2) To preserve, protect, and enhance the condition of Foster's Pond;

(3) To preserve and protect the natural environment in the vicinity of Foster's Pond;

(4) To promote conservation of natural resources, including land and water resources, and the prevention of environmental pollution in the Foster's Pond area;

(5) To promote and protect a safe and congenial living environment for residents and visitors of the Foster's Pond area, to promote a sense of community, to undertake civic and recreational activities, and to represent the interests of the community; and

(6) To purchase, maintain, repair, and operate the dam regulating the flow of water from Foster's Pond, for the general benefit. improvement and beautification of the Pond and its environment.

The Corporation is organized and shall at all times be operated as a non-profit corporation whose purposes are exclusively charitable and civic.

II. The Corporation is organized and shall be operated to exercise all rights and powers which may be exercised by non-profit corporations under the laws of the Commonwealth of Massachusetts and to do all other acts necessary or convenient to carry out, directly or indirectly, the specific and primary purposes of this Corporation, set forth above.

III. The Members of this Corporation may, by a vote of three-quarters (3/4) of the Members entitled to vote thereon, authorize a petition for dissolution of this Corporation to be filed in the Supreme Judicial or Superior Court.

IV. Notwithstanding anything elsewhere herein provided, the Corporation is organized and shall be operated as a homeowners association, and for charitable and civic purposes. it being the intention that this Corporation shall be exempt from federal income tax to the extent provided under Section 501(c)(4) or Section 528 of the Internal Revenue Code of 1954 as amended, or both, and all purposes and powers herein shall be interpreted and exercised consistent with this intention.

No part of the earnings, if any, of the Corporation shall inure to the benefit of any private person, other than as a direct result of the Corporation's engaging in one or more exempt functions pursuant to Section 528 of the Internal Revenue Code of 1954, as amended.