35-2-1401. Prohibited distributions -- permitted transactions.
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35-2-1401 . Prohibited distributions -- permitted transactions.
(1)Except as authorized by 35-2-1402 , a corporation may not make any distributions.
(2)A public benefit corporation may, subject to the requirements of Title 15, chapter 31, and this chapter, as applicable:
(a)pay reasonable compensation or reimburse reasonable expenses to members, directors, or officers for services rendered; and
(b)confer benefits upon or make contributions to members in conformity with its charitable purposes if after the transaction is completed:
(i)the corporation would be able to pay its debts as they become due in the usual course of its activities; and
(ii)the corporation's total assets would at least equal the sum of its total liabilities.