Section 1 – TOP GUN, INC. is a non profit corporation established exclusively for charitable and educational purposes, including, for such purposes, the making of distributions to organizations under Section 501 [c] of the Internal Revenue code of 1954 (or the corresponding provision of an future United States Internal Revenue Law) and organizing and conducting seminars, schools and competitive balloon events to improve the skills, safety and education of persons interested in hot air ballooning, as well as promote hot air ballooning in general.

Section 2 – In the event of voluntary or involuntary dissolution of the Corporation, the debts shall be paid and the remaining resources transferred to such organization or organizations as may be designated in accordance with the Articles of Incorporation.