35-2-1402. Authorized distributions.
71 words·~1 min read·
/mt/title-35/chapter-2/part-14/35-2-1402·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
35-2-1402 . Authorized distributions.
(1)A mutual benefit corporation may purchase its memberships if after the purchase is completed:
(a)the corporation would be able to pay its debts as they become due in the usual course of its activities; and
(b)the corporation's total assets would at least equal the sum of its total liabilities.
(2)Corporations may make distributions upon dissolution in conformity with part 7 of this chapter.