(a) A corporation maypay reasonable amounts to its members, directors, or officers for servicesrendered or other value received and may confer benefits upon its members inconformity with its purposes.
(b) Subject to theprovisions of subsection (d) of this section:
(1) A corporation maymake distributions to any entity that is exempt under section 501(c)(3) of theInternal Revenue Code of 1986 or any successor section, or that is organizedexclusively for one or more of the purposes specified in section 501(c)(3) ofthe Internal Revenue Code of 1986 or any successor section and that upondissolution shall distribute its assets to a charitable or religiouscorporation, the United States, a state or an entity that is exempt undersection 501(c)(3) of the Internal Revenue Code of 1986 or any successorsection.
(2) Any corporationother than a charitable or religious corporation may make distributions to anydomestic or foreign corporation.
(3) Except as otherwiseprohibited by statute, a corporation not operated for profit, the membership ofwhich is limited to the owners or occupants of real property in a condominium,cooperative housing corporation, or other real property development, having asits primary purposes the management, operation, preservation, maintenance, andrepair of common areas and improvements upon the real property owned by themembers and the corporation or organization, may make distribution to itsmembers of excess or surplus membership dues, fees, or assessments remainingafter the payment of or provisions for common expenses and any prepayment ofreserves; provided that these distributions are in proportion to the dues,fees, or assessments collected from the members.
(c) Subject to theprovisions of subsection (d) of this section, a corporation other than acharitable or religious corporation may make distributions to purchase itsmemberships.
(d) A corporation shallnot make any distribution under subsection (b) or (c) of this section if at thetime of or as a result of such distribution:
(1) The corporationwould not be able to pay its debts as they become due in the usual course ofbusiness; or
(2) The corporation'stotal assets would be less than the sum of its total liabilities. (1955,c. 1230; 1985 (Reg. Sess., 1986), c. 801, s. 32; 1993, c. 398, s. 1; 1999‑369,s. 7.)
(a) A corporation maypay reasonable amounts to its members, directors, or officers for servicesrendered or other value received and may confer benefits upon its members inconformity with its purposes.
(b) Subject to theprovisions of subsection (d) of this section:
(1) A corporation maymake distributions to any entity that is exempt under section 501(c)(3) of theInternal Revenue Code of 1986 or any successor section, or that is organizedexclusively for one or more of the purposes specified in section 501(c)(3) ofthe Internal Revenue Code of 1986 or any successor section and that upondissolution shall distribute its assets to a charitable or religiouscorporation, the United States, a state or an entity that is exempt undersection 501(c)(3) of the Internal Revenue Code of 1986 or any successorsection.
(2) Any corporationother than a charitable or religious corporation may make distributions to anydomestic or foreign corporation.
(3) Except as otherwiseprohibited by statute, a corporation not operated for profit, the membership ofwhich is limited to the owners or occupants of real property in a condominium,cooperative housing corporation, or other real property development, having asits primary purposes the management, operation, preservation, maintenance, andrepair of common areas and improvements upon the real property owned by themembers and the corporation or organization, may make distribution to itsmembers of excess or surplus membership dues, fees, or assessments remainingafter the payment of or provisions for common expenses and any prepayment ofreserves; provided that these distributions are in proportion to the dues,fees, or assessments collected from the members.
(c) Subject to theprovisions of subsection (d) of this section, a corporation other than acharitable or religious corporation may make distributions to purchase itsmemberships.
(d) A corporation shallnot make any distribution under subsection (b) or (c) of this section if at thetime of or as a result of such distribution:
(1) The corporationwould not be able to pay its debts as they become due in the usual course ofbusiness; or
(2) The corporation'stotal assets would be less than the sum of its total liabilities. (1955,c. 1230; 1985 (Reg. Sess., 1986), c. 801, s. 32; 1993, c. 398, s. 1; 1999‑369,s. 7.)
(a) A corporation maypay reasonable amounts to its members, directors, or officers for servicesrendered or other value received and may confer benefits upon its members inconformity with its purposes.
(b) Subject to theprovisions of subsection (d) of this section:
(1) A corporation maymake distributions to any entity that is exempt under section 501(c)(3) of theInternal Revenue Code of 1986 or any successor section, or that is organizedexclusively for one or more of the purposes specified in section 501(c)(3) ofthe Internal Revenue Code of 1986 or any successor section and that upondissolution shall distribute its assets to a charitable or religiouscorporation, the United States, a state or an entity that is exempt undersection 501(c)(3) of the Internal Revenue Code of 1986 or any successorsection.
(2) Any corporationother than a charitable or religious corporation may make distributions to anydomestic or foreign corporation.
(3) Except as otherwiseprohibited by statute, a corporation not operated for profit, the membership ofwhich is limited to the owners or occupants of real property in a condominium,cooperative housing corporation, or other real property development, having asits primary purposes the management, operation, preservation, maintenance, andrepair of common areas and improvements upon the real property owned by themembers and the corporation or organization, may make distribution to itsmembers of excess or surplus membership dues, fees, or assessments remainingafter the payment of or provisions for common expenses and any prepayment ofreserves; provided that these distributions are in proportion to the dues,fees, or assessments collected from the members.
(c) Subject to theprovisions of subsection (d) of this section, a corporation other than acharitable or religious corporation may make distributions to purchase itsmemberships.
(d) A corporation shallnot make any distribution under subsection (b) or (c) of this section if at thetime of or as a result of such distribution:
(1) The corporationwould not be able to pay its debts as they become due in the usual course ofbusiness; or
(2) The corporation'stotal assets would be less than the sum of its total liabilities. (1955,c. 1230; 1985 (Reg. Sess., 1986), c. 801, s. 32; 1993, c. 398, s. 1; 1999‑369,s. 7.)
