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THE CORPORATION IS FORMED AND SHALL BE OPERATED EXCLUSIVELY FOR THE PURPOSES OF (1) HOLDING TITLE TO REAL, PERSONAL AND INTANGIBLE PROPERTY ON BEHALF OF CALVERT MEMORIAL HOSPITAL OF CALVERT COUNTY (THE "HOSPITAL") AND ITS SUBORDINATE ENTITIES THAT ARE EXEMPT FROM FEDERAL INCOME TAX UNDER SECTION (501)A, AS ORGANIZATIONS DESCRIBED IN SECTION 501(C)(3), OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, OR CORRESPONDING PROVISIONS OF ANY SUBSEQUENT FEDERAL TAX LAW (THE "CODE")
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