238.307. Corporation, creation of, purpose — organization, nonprofit — tax-exempt status.

204 words·~1 min read·/mo/chapter-238/238-307

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

238.307. Corporation, creation of, purpose — organization, nonprofit — tax-exempt status. — 1. A corporation may be created to fund, promote, plan, design, construct, maintain, and operate one or more projects or to assist in such activity.

2. The corporation shall be a nonmember, nonstock corporation. It shall be organized under and governed by sections 238.300 to 238.360 and by the provisions of the general not-for-profit corporation law, chapter 355 . Any provision of sections 238.300 to 238.360 shall take precedence over any conflicting provision of chapter 355 .

3. No part of the earnings or assets of a transportation corporation shall inure to the benefit of any private interests, person, or entity.

4. Property held by and activities of a corporation created under the provisions of sections 238.300 to 238.360 exist and are conducted for purely civic, social welfare, and charitable purposes. A transportation corporation shall be exempt from taxation in accordance with Article X, Section 6 of the Missouri Constitution. The corporation shall not be required to pay any taxes or assessments upon or with respect to a project or property acquired or used by the corporation or upon income therefrom.

--------

(L. 1990 S.B. 479 & 649 § 13)

Effective 5-30-90