§414D-232 - Authorized distributions.
§414D-232 Authorized distributions. (a) A corporation may purchase its memberships if, after the purchase is completed:
(1) The corporation would be able to pay its debts as they become due in the usual course of its activities; and
(2) The corporation's total assets would at least equal the sum of its total liabilities.
(b) Corporations may make distributions upon dissolution in conformity with part XIII. [L 2001, c 105, pt of §1; am L 2002, c 130, §58]