§ 37.1315. Nonprofit organization.
61 words·~1 min read·
/us/cfr/t32/s§ 37.1315·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)Any corporation, trust, association, cooperative or other organization that:
(1)Is operated primarily for scientific, educational, service, or similar purposes in the public interest.
(2)Is not organized primarily for profit; and
(3)Uses its net proceeds to maintain, improve, or expand the operations of the organization.
(b)The term includes any nonprofit institution of higher education or nonprofit hospital.