State Codes and Statutes

Statutes > Washington > Title-24 > 24-03 > 24-03-030

Limitations.

A corporation subject to this chapter:

     (1) Shall not have or issue shares of stock;

     (2) Shall not make any disbursement of income to its members, directors or officers;

     (3) Shall not loan money or credit to its officers or directors;

     (4) May pay compensation in a reasonable amount to its members, directors or officers for services rendered;

     (5) May confer benefits upon its members in conformity with its purposes; and

     (6) Upon dissolution or final liquidation may make distributions to its members as permitted by this chapter, and no such payment, benefit or distribution shall be deemed to be a dividend or a distribution of income.

[1986 c 240 § 4; 1967 c 235 § 7.]

State Codes and Statutes

Statutes > Washington > Title-24 > 24-03 > 24-03-030

Limitations.

A corporation subject to this chapter:

     (1) Shall not have or issue shares of stock;

     (2) Shall not make any disbursement of income to its members, directors or officers;

     (3) Shall not loan money or credit to its officers or directors;

     (4) May pay compensation in a reasonable amount to its members, directors or officers for services rendered;

     (5) May confer benefits upon its members in conformity with its purposes; and

     (6) Upon dissolution or final liquidation may make distributions to its members as permitted by this chapter, and no such payment, benefit or distribution shall be deemed to be a dividend or a distribution of income.

[1986 c 240 § 4; 1967 c 235 § 7.]

State Codes and Statutes

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State Codes and Statutes

Statutes > Washington > Title-24 > 24-03 > 24-03-030

Limitations.

A corporation subject to this chapter:

     (1) Shall not have or issue shares of stock;

     (2) Shall not make any disbursement of income to its members, directors or officers;

     (3) Shall not loan money or credit to its officers or directors;

     (4) May pay compensation in a reasonable amount to its members, directors or officers for services rendered;

     (5) May confer benefits upon its members in conformity with its purposes; and

     (6) Upon dissolution or final liquidation may make distributions to its members as permitted by this chapter, and no such payment, benefit or distribution shall be deemed to be a dividend or a distribution of income.

[1986 c 240 § 4; 1967 c 235 § 7.]