Buteux Holdings Corporation

Buteux Holdings Corporation is organized on a membership basis. The brothers of the sacred heart, inc., a 501 (c)(3) organization, is the sole member. There are no certificates of membership. Buteux Holdings Corporation is organized pursuant to section 79-11-101, et seq, of the Mississippi code of 1972, and is intended to qualify as a tax exempt Corporation pursuant to section 501(c)(2) of the code, and it shall be operated exclusively for the purpose of holding title to real property. Collecting income therefrom, and turning over the entire amount thereof, less expenses, to its sole member, brothers of the sacred heart, a religious and charitable Louisiana non-profit Corporation exempt from taxation pursuant to section 501(c)(3) of the code, in order to provide support and income for the educational, religious and charitable pursuits of that organization. In connection with the foregoing, the Corporation may generally perform any act which is incidental and necessary to the objects and purposes set forth-herein. Without limitation of the foregoing, the Corporation may own, lease, acquire, and dispose of real and personal property, hold and invest funds and intangible property, raise money by any appropriate activity, and accept donations if in the opinion of the board, such donations will foster the purposes set forth herein. By formal resolution of the board of directors of st. stanislaus college, inc., Buteux Holdings Corporation received title to the land and buildings of st. stanislaus high school. The Corporation has executed a lease on a triple net basis with st. stanislaus college, inc. Buteux Holdings Corporation pays monthly dividends over the same period of time and in the same amount to its shareholder, the brothers of the sacred heart. Two thousand dollars remains in the checking account to keep the account open afterpaying dividends and thus avoiding service charges. This procedure continues annually.