23-17-21-1. Prohibited Distributions

Sec. 1. Except as authorized under section 2 of this chapter, a corporation may not make distributions. As added by P.L.179-1991, SEC.1.

23-17-21-1. Prohibited Distributions

Sec. 1. Except as authorized under section 2 of this chapter, a corporation may not make distributions. As added by P.L.179-1991, SEC.1.

23-17-21-2. Exceptions to Prohibition

Sec. 2. (a) A mutual benefit corporation may purchase the corporation’s memberships if, after the purchase is completed: (1) the corporation would be able to pay the corporation’s debts as the debts become due in the usual course of the corporation’s activities; and (2) the corporation’s total assets would at least equal the sum of […]

23-17-21-2. Exceptions to Prohibition

Sec. 2. (a) A mutual benefit corporation may purchase the corporation’s memberships if, after the purchase is completed: (1) the corporation would be able to pay the corporation’s debts as the debts become due in the usual course of the corporation’s activities; and (2) the corporation’s total assets would at least equal the sum of […]