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4320. The articles of incorporation or charter for the incorporation of any agency, institution (other than a district, 1000–1405), or a educational institution (2362), board, organization, or similar body as a subsidiary corporation (4300; 4310:6), now established or hereafter created, and its bylaws, shall be in accord with the following basic provisions, provided that whenever such basic provisions shall conflict with the local laws under which the incorporation is effected, such provisions shall be modified to the extent required by local laws (4510):

(1) The purposes of the subsidiary corporation shall be in keeping with the religious, charitable, benevolent, and educational purposes of The Wesleyan Church and consistent with its doctrines and principles as stated in The Discipline (100–105; 200; 2105; 2259; 2306); and pecuniary profit shall not accrue to the members of the corporation.
(2) The bylaws of the corporation shall include The Discipline of The Wesleyan Church as amended from time to time (4570); and no bylaws may be adopted that are inconsistent with the provisions of The Discipline or contrary to local laws as stated in 4510. The bylaws, and any amendments thereto, shall be subject to the approval of the General Board, who shall also have the right to initiate any such bylaws or amendments, provided they do not contravene any action of the General Conference (1655:18).
(3) The General Board shall be and constitute the board of directors or shall elect the members of the board of directors as required by the Constitution except where prohibited by local laws (340:2; 1655:19; 4510), and shall have the authority to remove for cause any member thereof (1655:40b).
(4) All members of the boards of directors and all principal officers of subsidiary corporations in 4310:1 shall be Wesleyan Church members who meet the leadership qualifications. Two-thirds (2/3) of the members of each board of directors of other subsidiary corporations shall be Wesleyan Church members who meet the leadership qualifications (260–268; 558). The remaining one-third (1/3) of those boards of directors may be non-Wesleyan.
(5) A member of the board of directors may not be held personally liable for any debts, liabilities, or obligations of the corporation.
(6) All fiscal operations shall be under board control, with budget, investment, and cash control by a board of directors of no less than seven members.
(7) The General Board shall be authorized to direct an annual audit of all assets, records, and other affairs of the corporation, and at any other time as it shall deem necessary (1655:20), and all records shall be open to the General Superintendent (1935) and to any other representative the General Board shall appoint for such a purpose.
(8) The board of directors shall make a complete and faithful report of finances and other activities to the General Board at any time as shall be required by such General Board (1655:22).
(9) An official copy of the minutes of all meetings of the board of directors and of the financial reports shall be forwarded to the Executive Director of Communication and Administration of The Wesleyan Church for permanent filing as requested.
(10) The bylaws shall establish proper safeguards for the borrowing or loaning of funds, and it shall be required that there will be adequate security by full mortgage protection or the like whenever there is an investment in property.
(11) All property, whether real, personal, or mixed, shall be held in trust for the use and benefit of the members and ministers of The Wesleyan Church and shall contain the appropriate trust clause as set forth in 4610.
(12) Notwithstanding any provision of The Discipline to the contrary, Wesleyan Investment Foundation, Inc. is expressly authorized to act as a church extension fund for other evangelical churches and denominations related, affiliated, or associated with The Wesleyan Church or which share a common religious heritage, historical ties, similar purposes, faith, doctrine, and/or background with The Wesleyan Church.