24.03.027  <<  24.03.030 >>   24.03.035

Limitations. (Effective until January 1, 2022.)

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.
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