§ 7-133-101. Distributions Prohibited

Except as authorized by section 7-133-102, a nonprofit corporation shall not make any distributions. Source: L. 97: Entire article added, p. 719, § 3, effective July 1, 1998.

§ 7-133-102. Authorized Distributions

A nonprofit corporation may: Make distributions of its income or assets to its members that are domestic or foreign nonprofit corporations; Pay compensation in a reasonable amount to its members, directors, or officers for services rendered; and Confer benefits upon its members in conformity with its purposes. Nonprofit corporations may make distributions upon dissolution in […]