10-11302
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10-11302. Authorized distributions A. A corporation may purchase its memberships if after the purchase is completed both: 1. The corporation would be able to pay its debts as the debts become due in the usual course of its activities. 2. The corporation's total assets would at least equal the sum of its total liabilities. B. A corporation may make distributions on dissolution that conform to chapter 37 of this title. C. A corporation may make distributions to members who are domestic or foreign nonprofit corporations if after the distribution is made both: 1. The corporation would be able to pay its debts as the debts become due in the usual course of its activities. 2. The corporation's total assets would at least equal the sum of its total liabilities. |