16-6a-301 - Purposes.
16-6a-301. Purposes.
(1) Every nonprofit corporation incorporated under this chapter that in its articles ofincorporation has a statement meeting the requirements of Subsection 16-6a-202(3)(a) mayengage in any lawful activity except for express limitations set forth in the articles ofincorporation.
(2) (a) A nonprofit corporation engaging in an activity that is subject to regulation underanother statute of this state may incorporate under this chapter only if permitted by, and subject toall limitations of, the other statute.
(b) Without limiting Subsection (2)(a) and subject to Subsection (2)(c), an organizationmay not be organized under this chapter if the organization is subject to the:
(i) insurance laws of this state; or
(ii) laws governing depository institutions as defined in Section 7-1-103.
(c) Notwithstanding Subsection (2)(b), the following may be organized under thischapter:
(i) a health insurance purchasing association as defined in Section 31A-34-103; and
(ii) a health insurance purchasing alliance licensed under Title 31A, Chapter 34,Voluntary Health Insurance Purchasing Alliance Act.
Enacted by Chapter 300, 2000 General Session