355.881. Designation of public, mutual benefit corporations.

228 words·~1 min read·/mo/chapter-355/355-881

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

355.881. Designation of public, mutual benefit corporations. — On July 1, 1995, each domestic corporation existing on that date that is or becomes subject to this chapter shall be designated as a public benefit or mutual benefit corporation as follows:

(1)Any corporation designated by statute as a public benefit corporation or a mutual benefit corporation is the type of corporation designated by statute;

(2)Any corporation which does not come within subdivision

(1)of this section but is organized primarily or exclusively for religious purposes is a public benefit corporation;

(3)Any corporation which does not come within subdivision

(1)or

(2)of this section but which is recognized as exempt under section 501(c)(3) of the Internal Revenue Code, or any successor section, is a public benefit corporation;

(4)Any corporation which does not come within subdivision (1),

(2)or

(3)of this section, but which is organized for a public or charitable purpose and which upon dissolution must distribute its assets to a public benefit corporation, the United States, a state or a person which is recognized as exempt under section 501(c)(3) of the Internal Revenue Code, or any successor section, is a public benefit corporation; and

(5)Any corporation which does not come within subdivision (1), (2),

(3)or

(4)of this section is a mutual benefit corporation.

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(L. 1994 H.B. 1095)

Effective 7-01-95